Requirement 1. Assuming the straight-line method of amortization, make journal entries to record (a) the pur explanation on the last line of the journal entry table.) a) Rernrd the nurrhace of the natent Requirements 1. Assuming the straight-line method of amortization, make journal entries to record (a) the purchase of the patent and (b) amortization for the first full year. 2. After using the patent for four years, MP learns at an industry trade show that another company is designing a more efficient printer. On the basis of this new information, MP decides, starting with Year 5 , to amortize the remaining cost of the patent over two remaining years, giving the patent a total useful life of six years. Record amortization for Year 5