Question 27 of 30 -/ 25 View Policies Current Attempt in Progress On January 2, 2021. Olathe Company purchased a patent for $240,000. The patent has an 8-year estimated useful life and a legal life of 20 years Prepare the journal entry to record patent amortization. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Save for Later Attempts: 0 of 1 used Submit