On

September

1,

2024,

Soggy

Company purchased a patent for

$192,000

cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only

eight

years.Read the requirements

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.

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			Patent	192,000
			Cash		192,000
			To record purchase of patent.

Requirement 2. Journalize the amortization expense for the year ended

December

31,

2024.

Assume straight-line amortization.Begin by calculating the amortization expense for

2024.

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
[(	Cost	-	Residual value	)	Useful life	] (	Number of months	12 ) =	amortization
[(	$192,000	-	$0	)	4	] (	4	12 ) =	16000