On August $1,2016,$ Innovation Company purchased a patent for $$144,000$ cash. Although the patent gives legal protection for $20$ years, the patent is expected to be used for only eight years.

Requirements

Journalize the purchase of the patent.

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.$)$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[$Aug$.1],[,,,],[,,,],[,,,],[,,,]]$

Requirement $2.$ Journalize the amortization expense for the year ended December $31,2016.$ Assume straight$-$line amortization.

Begin by calculating the amortization expense for $2016.$ Select the formula, enter the amounts and calculate the amortization expense. $($Enter a $"0"$ for items with a zero value.$)$

$$

$)/$

$$

$)]]$

$\frac{?}{12}$

Straight$-$line $$ amortization

$$

Now, journalize the amortization expense for $2016.($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

$\backslash$table$[[$Date$,$Accounts and Explanation,Debit,Credit$],[$Dec$.31,,,],[,,,],[,,,]]$