Oriole Company purchases a patent for $170,700 on January 2,2025 . Its estimated useful life is 10 years. (a) Prepare the journal entry to record amortization expense for the first year. (List debit entry before credit entry. Credit occount titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and ente Ofor the amounts) (b) Show how this patent is reported on the balance sheet at the end of the first year