On October 1, 2018, Innovation Company purchased a patent for $96,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only four years. Read the requirements 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.) Date Accounts and Explanation Debit Credit Oct. 1 Requirement 2. Journalize the amortization expense for the year ended December 31, 2018. Assume straight-line amortization. Begin by calculating the amortization expense for 2018. 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.) Straight-line amortization II ]xi 1xD / 12 ) = /12) = Now, journalize the amortization expense for 2018. (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