Mayberty Printers (MP) manufactures printers. Assume that MP recently paid $500,000 for a patent on a neww laser prirtec Aithough it qives legal protecton for 20 years, the patent is expected to provide a compettive advantage for conly eight years. Read the requitementa Requirement 1. Assuming the straigh-Tine methed of amortzation. make joumal entries to record (a) the purchase of the patent and (b) amortizaton for the fint full year. (Record debits fint, then crests. Select the explanation on the last line of the joumal entry table.). (a) Recoed the purchase of the patert