Score: 0.79 of 3 pts 3 of 3 (3 complete) > HW SC 59-12 (similar to) Assigned Media On June 1, 2018, Twist Company purchased a patent for $54,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only three years. Read the requirements Requirement 1. Journalize the purchase of the patent. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Date Accounts and Explanation Debit Credit June 1 Patent 54,000 Cash 54,000 To record purchase of patent Requirement 2. Journalize the amortization expense for the year ended December 31, 2018. Assume straight-Ine amortization Begin by Goulating the amortization expense for 2018. Select the formule, enter the amounts and calculate the amortiration expense. (Enter for items with a more value Do nol rourdin Only round the amount you input for straight-line amortization to the nearest dollar) Straight-line 1x /12) amortization Choose from any list or enter any number in the input fields and then click Check Answer 1 part remaining Clear All Check And