Aa AaBbCcDc AaBbCcDc AaBbC AaBbCcD AaBh A Heading 2 T Normal 1 No Spac... Heading 1 Headin Paragraph Styles 2 I Crane Company purchases a patent for $158,500 on January 2, 2017. Its estimated useful life is 5 years. (a) Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Credit Account Titles and Explanation Debit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount (b) Show how this patent is reported on the balance sheet at the end of the first year. select a subsection name of the balance sheet Current Assets Intangible Assets Tangible Assets enter a balance sheet item Senter a dollar amount Display Setti