Johanssen Company manufactures flat screen monitors for the graphics industryIt purchased a patent for the design of a new monitor for $675,000. Although it gives legal protection for 20 years the patent is expected to provide Johanssen Company with a competitive advantage for only ten years. After using the patent for two years, Johanssen Company learns at an industry trade show that another company is designing a more effective monitor Based on this new information, Johanssen Company decides to amortize the remaining cost of the patent over the current year, giving the patent a total useful life of three years Required 1. Prepare the journal entry to record the purchase of the potent on January 1, 2020, 2. Assume straight-line amortization is used Record the journal entry for amortization at December 31, 2020 3. Record amortization for the year ended December 31, 2022 Requirement 1. Prepare the journal entry to record the purchase of the patent on January 1, 2020. (Record debits first, then credits. Explanations are not required.) Journal Entry Date Account Debit Credit Jan 1