Post Company purchased a patent on January 1, 200x for $50,000. The patent has a useful life of 10 years. The accounting entry to record the patent amortization expense for the first year would be: Debit patent amortization expense $50,000 credit patent $60,000. Debit patent amortization expense $5,000 credit patent 35.000 Debit patent $50,000 credit accounts payable $50.000 Debit patent 55,000 credit accounts payable $5.000