Required information On January 1, 2022, Gordon Company purchased a patent for $505.000 from an inventor who had developed a new manufacturing process, At the time of the purchase, the patent had a remaining useful life of 10 years. 3. Prepare the journal entry to record amortization of the patent on December 31,2022 . Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the amortization of the patent on December 31,2022. Note: Enter debits before credits