Purchased a patent for $20,000 for cash on January 1, 20x1. It has a useful life of 5 years.

Required: Compute and record the amortization expense for the patent on December 31, 20x1.

**Please add D after the account name you are debiting and a C after the account name you are crediting in a hyphenated fashion. Make sure you provide the dollar amount after the appropriate account. You can type each teansaction on one line. For example, journalize the entry for the purchase of land for $10,000 cash on February 10th. Example solution: February 10 Land-D 10,000 Cash-C 10,000