Uh May 1, 2018, Twist Company purchased a patent for $243,600 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only seven 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 May 1 Patenti Cash Accounts and Explanation Debit Credit 243.800 243,600 To record purchase of patent Requirement 2. Journalize the amortization expense for the year ended December 31, 2018. Assume straight-line amortization Begin by calculating the amortization expense for 2015. Select the formula, enter the amounts and calculate the amortization expense (Enter a "0" for terms with a zero value. Do not round intermediary calculations. Only round the amount you input for straight-line amortization to the nearest dollar)) K Cost 243.000 Residual value 0 Useful ite 1 Number of months 12) amortization -12-