Journalize the amortization expense *assume straight-line amortization

On July 1, 2024, Advance Company purchased a patent for $72,000 cash. Athough the patent gives legal protection for 20 years, the patent is oxpected to be used for only three years. Read the reauirements. Requirement 1. Joumalize the purchase of the patent. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table.) Requirement 2. Joumbize the amorization expense for the year ended December 31, 2024. Assume straight-Eine amorturation. Begin by caiculating the amortization expense for 2024 . Select the formula, enter the amounts and calculate the amortization expense. (Enier a "O" for ilems with a zero value. Do not round intermediary calculations. Only round the amount you inpud for straight-4ine amortization to the nearest dollar.) Straight-line If If +1(+12)=amortization)+1(12)= Requirements 1. Journalize the purchase of the patent. 2. Journalize the amortization expense for the year ended December 31, 2024. Assume straight-line amortization