On March 1, 2020, Tebow Company purchased a patent for $178,000 cash. Although the patent gives legal protection for 18 years, the patent will be used for only 2 years. Assume straight-line amortization. 1. Compute : Amortization per unit ( Cost - Value) // Time = Amortization per year Amortization per year X portion of year = Amortization 2. Journalize a) the purchase of the patent b) the amortization expense of the patent as of December 31,2020