Felipe SA purchases a patent for R$120,000 on January 2, 2017. Its estimated useful life is 8

Question:

Felipe SA purchases a patent for R$120,000 on January 2, 2017. Its estimated useful life is 8 years.
(a) Prepare the journal entry to record amortization expense for the first year.
(b) Show how this patent is reported on the statement of financial position at the end of the first year.