This Testi 55 pts 5. On January1, Red Manufacturing paid $52,500 for a patent. Although it gives legal protection for 20 years, the patent is expected to prowde a competitive advantage for only seven years Assuming the straight-line method of amortization, record the journal entry for amortization for year 1. (Record debts first, then credits the explanation on the last line of the jourmal entry table Debit Credit Date Accounts and Explanation