Morgan Printers incurred external costs of $500,000 for a patent for a new laser printer. Although the patent gives legal protection for 20 years, it was expected to provide Morgan with a competitive advantage for only eight years due to expected technological advances in the industry. Morgan uses the straight-line method of amortization. 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. Date Journal Entry Accounts Debit Credit Record (b) the amortization of the patent for year 1. Date Journal Entry Accounts Debit Credit