Medway Printers incurred external costs of $1,500,000 for a patent for a new laser printer. Although the patent gives legal protection for 20 years, it was expected to provide Medway with a competitive advantage for only twelve years due to expected technological advances in the industry, Medway uses the straight-line method of amortization Click the icon to view additional information) Read the requirements GOED Requirement 1. Make joumal entries to record (a) the purchase of the patent and (b) amortization for year 1. (Record debits first, then credits. Exclude explanations from any journal entries.) Start by recording () the purchase of the patent. Journal Entry Date Accounts Debit Credit More info After using the patent for eight years, Medway learned at an industry trade show that Lightning Printers has patented a more efficient printer and will be soling this printer next quarter. Because of this new information, Medway determined that the expected future cash flows from its patent were now only $400,000. The fair value of Medway's patent on the open market was now 2010 Help me solve this Demodocs example ver