On October 1,2024 , Modern Company purchased a patent for $153,600 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only eight years. Read the requirements. Requirement 1. Journalize the purchase of the patent. (Record debits first, then credits. Select the explanation on the last line of the jo

Question

On October 1,2024 , Modern Company purchased a patent for

$153,600

cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only eight years. Read the requirements. Requirement 1. Journalize the purchase of the patent. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 2. Journalize the amortization expense for the year ended December 31, 2024. Assume straight-line amortization. for straight-line amortization to the nearest dollar.)) II

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