Take me to the text Higgins Company purchased a patent from Presley Limited for $171,000 on January 1, 2020. The patent has a remaining useful life of six years. Required a) Prepare the journal entry to record the purchase. Do not enter dollar signs or commas in the input boxes. Date Account Title and Explanation Jan 1 Accounts Receivable Debit Credit Accounts Payable To record the purchase of patents for cash b) Prepare the journal entry to record amortization for one year on December 31, 2020. The company does not use the half-year rule. Assume the straight-line method of depreciation is used. Round your answers to the nearest whole number. Date Account Title and Explanation Dec 31 Accounts Receivable Check To record amortization for the year Nota: The cha Debit Credit