On February 1, 2016, Modern Company purchased a patent for $76,800 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 Accounts and Explanation Debit Credit Feb. 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.) Straight-line amortization )/ / 12) = 2x 1x [6 ) / 12) = Now, journalize the amortization expense for 2016. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 On February 1, 2016, Modern Company purchased a patent for $76,800 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 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.) Straight-line / 12 ) = amortization [C [C )/ ) ]x ]x / 12 ) = Now, journalize the amortization expense for 2016. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31