On January$1,$ Pink Manufacturing paid $$74,400$ for a patent. Although it gives legal protection for $20$ years, the patent is expected to provide a competitive advantage for only eight years. Assuming the straight$-$line method of amortization, record the journal entry for amortization for year $1.($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$.31],[,,,],[,,,],[,,,],[,,,]]$