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On August 1, 2018 Tech Company purchased a patent for $174,000 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only five years. Read the requirements Date Accounts and Explanation Debit Credit Aug. 1 Patent 174,000 Cash 174,000 To record purchase of patent Requirement 2. Journalize 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 the amount you input for straight-line amortization to the nearest dollar)) IC Cost 174000 Residual value ) Useful life ]x 05 1x Number of months 2 12 )= 112)= Straight-line amortization 17400 C Choose from any list or enter any number in the input fields and then click Check Answer 1 part Clear All Check Ans