Mayberry Printers (MP) manufactures printers. Assume that MP recently paid $400,000 for a patent on a new laser printer Athough it gives legal protection for 20 years, the parents expected to provide a compete advantage for only to Read the requirements Requirement 1. Assuming the str journal entry tati) ne method of amortization, make journal entries to record(a) the purchase of the potent and (b) amortization for the first year. Recorde r t the crediteret e plantion on the last line of Caj Record the purchase of the patient Accounts and Explanation Debit Credit 0 Heurements 1. Assuming the straight-line method of amortization a journal entries to record(a) the purchase of the patient and mortation for the first year After using the patent for five years, MP ansat an industry trade show that another company is designing a more efficient p er on the basis of this new information, MP decides, starting with year to amortize the remaining cost of the patent over two remaining your giving the patent a total useful life of seven years. Record amortization for Your