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On August 1, 2018, Twist Company purchased a patent for $115,200 cash. Although the patent...

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Accounting

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On August 1, 2018, Twist Company purchased a patent for $115,200 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. Joumalize the purchase of the patent. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Credit Date Accounts and Explanation Debit Aug. 1 Requirement 2. Joumalize the amortization expense for the year ended December 31, 2018. Assume straight-line amortization Begin by calculating the amortization expense for 2018. Select the formula, enter the amounts and calculate the amortization expense. (Enter a "0" for items with a zero value. Do not round intermediary calculations. Only round the amount you Input for straight-line amortization to the nearest dollar.) Straight-line | 1x ( | ]x ( / 12) = | 12) = amortization Now, journalize the amortization expense for 2018. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Accounts and Explanation Date Debit Credit Dec. 31

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