Read the tecturementa- Requirement 1. Sournalue the purchase of the patent. (Record debits first, then credts. Select the oxplanation on the last ine of the joumal neity table.) Requirement 2. Journalize the amortizatisa expense for the year ersded December: 31,2024 , Assume straight-ine amortizatian. intermodiary calculations. Only round the anount you inpus for straight-ine amortizaticn to the nearest dollar.) Requirements 1. Journalize the purchase of the patent. 2. Journalize the amortization expense for the year ended December 31, 2024. Assume straight-line amortization. Depreciation account for each deprecable asset. During 2024, Janie Mills Associates completed the foliowing transacticns: (Cilick the icon to view the transactions.) Record the transactons in the fournal of Janie Mills Associates. (Record debits first, then credits. Salect the explanation on the last line of the journal entry table.) Jan. 1: Purchased eftce equpmem, $114,000. Paid $75,000 cash and financed the romahder with a note payabie. (Recerd a single compound jeurnal entry) equipment as $116.500. (Record a single compcurd journal entry.) More info