On September 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 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 Sept. 1