On March 1, 2024, Twist Company purchased a patent for $277,200 cash. Although the patent gives...

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On March 1, 2024, Twist Company purchased a patent for $277,200 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only seven years. Requirement 2. Journalize the amortization expense for the year ended December 31, 2024. Assume straight-line amortization. Begin by calculating the amortization expense for 2024. 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. Only round the amount you input for straight-line amortization to the nearest dollar.) Straight-line ) ] +12) [( = amortization ] 12) [( = On March 1, 2024, Twist Company purchased a patent for $277,200 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only seven years. Requirement 2. Journalize the amortization expense for the year ended December 31, 2024. Assume straight-line amortization. Begin by calculating the amortization expense for 2024. 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. Only round the amount you input for straight-line amortization to the nearest dollar.) Straight-line ) ] +12) [( = amortization ] 12) [( =