Windsor, Inc. purchases a patent for $156,000 on January 2, 2022. Its estimated useful life is 12 years.

Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Credit Account Titles and Explanation Amortization Expense Debit 13,000 Patents 13,000 Show how this patent is reported on the balance sheet at the end of the first year. Windsor, Inc. Balance Sheet (Partial) TA $