Mayler Printers (MP) manufactures printers. Assume that MP recently paid $300,000 for a patent on a new laser printer. Although it gives legal protection for 20 years, the patent is hxpected to provide a competitive advantage for only ten years. Read the requirement Requirement 1. Assuming the straight-line method of amortization, make journal entries to record (a) the purchase of the patient and (b) amortization for the first full year. (Record del first, then credits. Select the explanation on the last line of the journal entry table) (a) Record the purchase of the patent. Accounts and Explanation Debit Credit Requirements 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 year 2. After using the patent for five years, MP learns at an industry trade show that another company is designing a more efficent printer. On the basis of this new information, MP decides, starting with Year 6. to amonize the remanng cost of the patent over two remaining years, giving the patentata useful of seven years. Record amortization for Year 6 Print Done