On October 1, 2018, Mobile, Inc. purchased a patent for $100,000 cash. Although the patent gives legal protection for 20 years, it is expected to be used for only eight years. The patent has no residual value. Journalize the amortization expense for 2018. Assume straight-line amortization. Omit explanation.

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The Answer of On October 1, 2018, Mobile, Inc. purchased a patent for $100,000 cash. Although the patent gives legal protection for 20 years, it is expected to be used for only eight years. The patent has no residual value. Journalize the amortization expense for 2018. Assume straight-line amortization. Omit explanation.