View Policies Current Attempt in Progress Carla Vista Co. purchases a patent for $162,000 on January 2, 2022. Its estimated useful life is 6 years. (a) Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account tities and enter O for the Account Titles and Explanation Debit Credit (b) Show how this patent is reported on the balance sheet at the end of the first year