On March 1, 2016, Twist Company purchased a patent for $168,000 cash. Although the patent gives legal

Question:

On March 1, 2016, Twist Company purchased a patent for $168,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only five years.
Requirements
1. Journalize the purchase of the patent.
2. Journalize the amortization expense for the year ended December 31, 2016.
Assume straight-line amortization.