Ompete) E6-30 (book/static) Holze Music Company purchased for $600,000 a patent for a new sound system. Although it gives legal protection for 20 years, the patent is expected to provide the compar purchase of the patent and (b) amortization for year 1 After using the patent for two years, Holze Music Company's research director earns at a professional meeting that BOSE is designing a more powerful system. On the basis life is only four years. Record amortization for year 3 Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1 (a) Record the purchase of the patent (Record debits first, then credits. Explanations are not required.) Journal Entry Accounts Debit Credit Choose from any list of enter any number in the input Tields and then click Check Answer 2 pads Terrano Clear All Type here to search O 3 Question Help legal protection for 20 years, the patent is expected to provide the company with a competitive advantage for only six years Make journal entries to record (a) tho onal meeting that BOSE is designing a more powerful system on the basis of this new information Hotze Music Company determines that the patent's total useful required.) Check Answer Clear All * B