On October 1, 2024, Expert Company purchased a patient for $144,000 cash. Amough the potent gives legal protection for 20 years, the parent is expected to be used for only eight years Read the requirements Requirement 1. Journalize the purchase of the patent. (Record debts first, the credits Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Debit Credit Octt Requirement 2. Journalue the amortization expense for the year anded December 31, 2024. Assume straight-line amortization Begin by calculating the amortization expense for 2024. Select the formanter the amounts and calculate the aortation expensenter for home with a value Do not found inom input for straight line mortation to the nearest dollar) Straight-ane - 11 - 12) amortization - 12) Now, journalize the amortization expense for 2024. (Record debits first, then credite Select the explanation on the last line of the journal entry table) Date Accounts and Explanation Debit Credit Dec 31