It reads the same name on the front and back. There is also a red flag bookmark peeking out of the bottom.
Role in episode
The story that Patchy reads is of SpongeBob defeating the Patty Gadget. When he is making his patties, "Squidward" walks inside with a patty machine that makes patties itself. He says it's free if "Mr. Krabs" fires "SpongeBob" and tells him to get lost. But, SpongeBob is brave, on which he does a battle between Squidward. SpongeBob cooks so many patties as Squidward just pulls a lever 10 times. The machine then blows to pieces. The blast is so loud that "King Neptune" wakes up from the noise.
SpongeBob wins and passed out. Tears come out of everyone, and Squidward is mostly upset. It is then revealed that they bury the gadget, in which few thought it would be SpongeBob.