Morris Printers (MP) manufactures printers. Assume that MP recently paid $500,000 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. Requirement 1. Assuming the straight-line method of amortization, make joumal 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 Date Accounts and Explanation Debit Credit Morris Printers (MP) manufactures printers. Assume that MP recently paid $500,000 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. Requirement 1. Assuming the straight-line method of amortization, make joumal 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 Date Accounts and Explanation Debit Credit