U homework Manager/Cengage CengageNOW2 Online teach takent Mandolinwokerto - Calculator Print Item Calico Inc, purchased a patent on a new drug. The patent cost $24,000. The patent has a life of 25 years, but Calco only expects to be able to sell the drug for 20 years. A. Calculate the amortization expense. Won The amount of amortization expense is a function of the cost and the expected time that asset will be used. B. Record the journal for the first vear expense of an amount box does not require an entry, leave it blank Amortization Expense Patent The amount of amortization expense is a function of the cost and the expected time that set besed. WOW Partycomed