On September 1, 2024, Tech Comparty purchased a patent for $278,400 cash. Athough the patent gives legal protection for 20 years, the patent is expected to be used for only eight years. Reed the reguirements. Requiremem 1. Journalize the purchase of the patent. (Record debits first, then creclits. Select the axplanation on the last line of ithe journal entry table.) On September 1, 2024, Tech Compary purchased a patent for $278,400 cash. Athough the patent gives legal protection for 20 years, the patunt. is expected to be used for only eight years Rend the reguirements Requirement 2. Journelize the amortization expense for the year ended December 31, 2024. Astume straight-ine amortization Begin by calculating the amorization expense for 2024 . Seloci the formuls, erser the amounts and cafculate the ambortiation expente: (Enter at "or thenrent dolliar) On September 1, 2024, Tech Company purchssed a patent for $278,400 cath. Although the patent gives legat protection for 20 years, the gat is expected to be used for only eight years. Road the requirements