Take me to the text Teagan Company purchased a patent from Presley Limited for $199,200 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 Patents Cash Debit Credit 199200 199200 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. Account Title and Explanation Date Dec 31 Amortization Expense Debit Credit 0 Accumulated Amortization To record amortization for the year