mytah pearson.com/Student/Player lestasic testid-241322927¢erwin-yes BA2224 section 4 2021-2022 Muhammet Osman Helvacioglu Quiz: Quiz 6 (April 19) Question 1 of 2 This quiz: 2 point(s) possite This question: 1 point(s) possible On March 1, 2016, Advance Company purchased a patent for $86,400 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only four years Requirements 1. Journalize the purchase of the patent 2. Journalize the amortization expense for the year ended December 31, 2016. Assume straight-line amortization Requirement 1. Journalize the purchase of the patent (Record debits first, then credits. Select the explanation on the last line of the journal entry table) Date Mar 1 Accounts and Explanation Debit Credit. 4