On July 1, 2024, Expert Company purchased a patent for $90,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only three years. Requirement 2. Journalize the amortization expense for the year ended December 31, 2024. Assume straight-line amortization. Begin by calculating the amortization expense for 2024. Select the formula, enter the amounts and calculate the amortization expense. (Enter a "0" for items with a zero value. Do not round intermediary calculations. Only round the amount you input for straight-line amortization to the nearest dollar.) On July 1, 2024, Expert Company purchased a patent for $90,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only three years. 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.) Requirement 2. Journalize the amortization expense for the year ended December 31, 2024. Assume straight-line amortization. Begin by calculating the amortization expense for 2024. Select the formula, enter the amounts and calculate the amortization expense. (Enter a "0" for items with a zero value. Do not round intermediary calculations. Only round the amount you input for straight-line amortization to the nearest dollar.) Straight-line [( [( ) ]([12)= amortization ]( quirements. Requirements 1. Journalize the purchase of the patent. 2. Journalize the amortization expense for the year ended December 31, 2024. Assume straight-line amortization