Miracle Printers incurred external costs of $800,000 for a patent for a new laser printer. Although the patent gives legal protection for 20 years, it was expected to provide Miracle with a competitive advantage for only ten years due to expected technological advances in the industry. Miracle uses the straight-line method of amortization. Read the requirements. Requirement 1. Make journal 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 (a) the purchase of the patent. Record (b) the amortization of the patent for year 1