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On May 1, 2025, Advance Company purchased a patent for $294,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only seven years. Requirements 1. Journalize the purchase of the patent. 2. Journalize the amortization expense for the year ended December 31, 2025. Assume straight-line amaortization. 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 May 1 Requirement 2. Journalize the amortization expense for the year ended December 31, 2025, Assume straight-line amortization. Begin by calculating the amortization expense for 2025. 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.) [ | - | 1% ( [ - :: 1=( Straight-line +12})= amortization s12)= [ ] Now, journalize the amortization expense for 2025. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation