years Maylen Printers (MP) manufactures printers. Assume that MP recently paid $800,000 for a patent on a new laser printer. Although it gives legal protection for 20 years, the patent is expected to provide a compettive advantim Read the requirements the journal entry table.) (a) Recond the purchase of the patent Date Accounts and Explanation Debit Credit (b) Record the amortization for the first full year. Date Accounts and Explanation Debit Credit Requirement 2. After using the patent for four years, MP learns at an industry trade show that another company is designing a more efficient printer. On the basis of this new information, MP decides, starting with Year 5