View Policies Current Attempt in Progress Monty Engineering purchases a patent for R$139,200 on January 2, 2025. Its estimated useful life is 8 years. (a) Prepare the journal entry to record amortization expense for the first year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List debit entry before credit entry.) Account Titles and Explanation Debit Credit (b) Show how this patent is reported on the statement of financial position at the end of the first year. MONTY ENGINEERING Statement of Financial Position (Partial) R$