JKL Enterprises purchased a patent for $50,000. The patent has a useful life of 10 years. Calculate the annual amortization expense using the straight-line method and provide the journal entry to record the amortization expense for the first year.

Requirements:

• Calculate the annual amortization expense using the straight-line method.
• Provide the journal entry to record the amortization expense for the first year.
• Use JKL Enterprises for the company name.