On July 1, 2024, Innovation Company purchased a patent for $100,800 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only three years. Read the Requirement 1. Journalize the purchase of the patent. (Record debits first, then credits. Select the explanation on the last line of the joumal entry table. Check your spelling carefully and do not abbreviate.) 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.) Requirement 2. Joumalize 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.) Now. journalize the amortization expense for 2024. (Record debits first, then credits. Select the explanation on the last line of s. Chawal antru tahle Check vour spelling carefully and do not abbreviate.)