On March 1, 2024 Enhance Company purchased a patent for $104,400 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only three years. Read the requirements Now, journalize the amortization expense for 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit Dec. 31 Begin by calculating the amortization expense for 2024. Select the formula, enter the amounts and calculate the amortization expense. (Enter a "U" 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.) Cost Residual value ) = Useful life ]*( Number of months [C [( $ Straight-line = 12) = amortization - 12) = $ 29,000 104,400 0 3 ]*( 10 Now, journalize the amortization expense for 2024. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirements 1. Journalize the purchase of the patent. 2. Journalize the amortization expense for the year ended December 31, 2024. Assume straight-line amortization Print Done