On March 1, 2016. Twist Company purchased a patent for $168,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only five 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.) Accounts and Explanation Date Debit Credit Oct 1 Requirement 2. Journalize the amortization expense for the year ended December 31, 2016. Assume straight-line amortization (Racord debits first, then credits, Select the explanation on the last line of the journal entry table) Date Accounts and explanation Debit Credit Dec 31