On October 1, 2018, Modern 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. Duymwy curcurcumiy o UITIUILULUIT Apoio VI CU TU. UICULT TOITTUU, UTUT W UMIVU unu cuicuiutu u UMTII ILULUI APTOU. TATUT Only round the amount you input for straight-line amortization to the nearest dollar.)) TUI TUITU VYTLITU ZUIU vuru. DU TIUL TUului Cost Residual value )/ Useful life Number of months [O [( $ ]x( ]x( | 12 ) = ( 12 ) = Straight-line amortization $ 4,800 153,600 $ 0 )/ 8 3 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 Choose from any list or enter any number in the input fields and then click Check