Maylen Printers $($MP$)$ manufactures printers. Assume that MP recently paid $$350,000$ for a patent on a new laser printer. Although it gives legal protection for $20$ years, the patent is expected to provide a competitive advantage for only ten years.Read the requirements.Tristian Capa $07/05/243$:$45$ PMSubmit testRequirement $1.$ Assuming the straight$-$line method of amortization, make journal entries to record $($a$)$ the purchase of the patent and $($b$)$ amortization for the first full year. $($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)($a$)$ Record the purchase of the patent.DateAccounts and ExplanationDebitCreditRequirements$-($b$)$ Record the amortization for the first full year.DateAccounts and ExplanationDebitCredit$1.$ Assuming the straight$-$line method of amortization, make journal entries to record $($a$)$ the purchase of the patent and $($b$)$ amortization for the first full year$\mathrm{.}2.$ After using the patent for five years, MP learns at an industry trade show that another company is designing a more efficient printer. On the basis of this new information, MP decides, starting with Year $6,$ to amortize the remaining cost of the patent over two remaining years, giving the patent a total useful life of seven years. Record amortization for Year $6.$PrintDoneRequirement $2.$ After using the patent for five years, MP learns at an industry trade show that another company is designing a more efficient printer. On the basis of this new information, MP decides, starting with Year $6,$ to amortize the remaining cost of the patent over two remaining years, giving the patent a total useful life of seven years. Record amortization for Year $6.($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$DateAccounts and ExplanationDebitCredit