Question 12 of 17 - / 1.67 E Current Attempt in Progress Oriole Company purchases a patent for $177,600 on January 2, 2022. Its estimated useful life is 8 years. (a) 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 0 for the amounts.) Account Titles and Explanation Debit Credit (b) Show how this patent is reported on the balance sheet at the end of the first year. $ e Textbook and Media List of Accounts Save for Later Last saved 2 days ago. Attempts: 0 of 5 used Submit