On July 1, Miracle Apps pais $596.800 to acquire a patent on software. Miracle Apps expects the patent to have a useful lile of five years 1. Journalize the entry to record the purchase of the patent on July 1 2. Jounalize the entry to record amortization on December 31 Journal Entry Date Accounts Debit Credit Jul 1 Patents 596,800 Cash 96,800 Requirement 2. Journalize the entry to record amortization on December 31, (Assume no amortization has been recorded on the patent through December 31. Record debits first, then credits. Exclude explanations from any journal entries Journal Entry Date Accounts Debit Credit Dec 31 Amortization expense Patents iwums ans lict o nbor anu nu imhar in tha int fialeis and then click Check