Your answer is partially correct Pharoah Company purchases a patent for $ 187.300 on January 2,2017.Its estimated useful life is 5 years a) 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 O for the amounts Debit Credit Account Titles and Explanation 37460 Amortization Expense 37460 Patents b) Show how this patent is reporteu urrune balance sheet at the end of the first year Intangible Assets: 37460