On October 1, 2018, Moden Company purchased a patent for $153 600 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only eight 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 Patent 153 600 Cash 153,600 To record purchase of patent 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 O" 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 )/ /12) amortization /12)= - X iRequirements 1. Journalize the purchase of the patent. 2. Journalize the amortization expense for the year ended December 31, 2018. Assume straight-line amortization. wer Print Done