Answer:
Dr Patent      $100,000
Cr Cash                $100,000
Being purchase of a new patent
Dr Amortization expense   $5,000
Cr Accumulated amortization      $5,000
Explanation:
The purchase of patent at $100,000 requires that the cash account is credited to reflect the cash outflow and the patent-intangible asset account is debited.
However,at end of the year, the amortization on the patent of $5,000($100,000/20) must be adjusted for by debiting amortization expense account and crediting accumulated amortization
