Azmi Inc. acquires the customer list of a large newspaper on January 1, 2018. Azmi Inc. expects to benefit from the information evenly over a four-year period. The purchase price is as follows:

60,000

1. Record the journal entry to show the purchase of the customer list on January 1, 2018

2. Record the journal entry to show the amortization of the customer list at the end of year 1 (ie on December 31, 2018).