Intangible Assets 1. Determine whether to capitalize or expense the following. Are the amounts amortized? 2. Make journal entries for the following. If no journal entry should be made, your answer is "No Entry". a. Paid $10,000 to purchase patent b. Amortization for the first year (Assume a useful life of 5 years) c. The company won a lawsuit defending the patent, at a cost of $5,000 d. The company paid $4,000 to develop a patent