Pina Colada Company purchases a patent for $553,500 on January 2, 2020. Its estimated useful life is 15 years.

Brief Exercise 10-12 a-b Pina Colada Company purchases a patent for $553,500 on January 2, 2020. Its estimated useful life is 15 years. Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT Show how this patent is reported on the balance sheet at the end of the first year. Pina Colada Company Balance Sheet (Partial) Click if you would like to show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TERE