Question 15 of 15 Sheridan Company purchases a patent for $212,500 on January 2, 2022. Its estimated useful life is 17 years. (a) .../3.3 Your answer has been saved. See score details after the due date. 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 Amortization Expense Patents eTextbook and Media List of Accounts Debit Credit 12500 (b) Show how this patent is reported on the balance sheet at the end of the first year. Sheridan Company Balance Sheet (Partial) eTextbook and Media List of Accounts Save for Later 12500 Attempts: 1 of 1 used Attempts: 0 of 1 used Submit Answer