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Point: 0.5 of Murphy Printers incurred extemal costs of $700,000 for a patent for a new laser printer. Although the patent gives legal protection for 20 years, I was expected to provide Murphy with a competitive advantage for only eight years due to ded technological advances in the industry: Murphy uses the straight-ine 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 the credits Exclude explanations from any jules Start by recording (a) the purchase of the potent Journal Entry Accounts Date Credit Debit 700.000 Patents Cash Recont d) the amortization of the patent for year 1. Journal Entry Pabil Data Accounts Questen viewer Amortization Expense-Patents Patents 700.000 Credit