NMENT RESOURCES 101 Online Chapter mework CALOULATO NNTER e BACK Question 1 Wildhorse Co. purchases a patent for $172,200 on January 2, 2017. Its estimated useful life is 6 years uestion 1 5 uestion 2 uestion 3 uestion 4 ueation 5 uestion 6 uestion 7 (a) Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when amount is antered De net indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts) Account Titles and Explanation Debit Credit ew Score ew Results by Study stive (b) Show how this patent is reported on the balance sheet at the end of the first year