Your company pays $620,000 for a patent that has 10 years remaining. Each year, your company should: debit Amortization Expense for $62,000 and credit Accumulated Depreciation for $62,000. debit Intangible assets and credit Accumulated Amortization for an amount equal to 20% of book value. debit Amortization expense for $62,000 and credit Patent for $62,000. report no Amortization Expense because patents are not subject to amortization