Rakko, Inc. acquired a patent on January 1 for $70,000 cash. The patent was estimated to have a useful life of 14 years with no residual value. Required: Parta. Prepare the journal entry to record the acquisition of the patent on January 1. Part b. Prepare the journal entry to record the annual amortization as of Dec 31. Use the MSWord link for the table to write your journal entries. After you have written the journal entries on the table in the MSWord document provided, type your name below the table on the document, save the document and then upload it to this problem in the upload space provided at the bottom of this box. MSWord Journal Entry Forme