please help me with this question. id also appreciate an explanation to see how its done.

Mayflower Printers incurred external costs of $1,300,000 for a patent for a new laser printer Although the patent gives igal protection to 20 years it was cled to provide Mayflower with a competitive advantage for only ten years due to expected technological advances in the industry Mayflower uses the straight line method of amortization Read the requirements Requirement 1. Make journal entries to record (a) the purchase of the patent and (b) amortization for year 1 (Record debits first, then credits Exclude explanations from any journal entries) Start by recording (a) the purchase of the patent . Journal Entry Debit Credit Date Accounts Record (b) the amortization of the patent for year 1 Journal Entry Date Accounts Debit Credit Check answer Clear all