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PE BE12-1 (L01,2) Taylor Swift Corporation purchases a patent from Salmon Company on January 1, 2017, for $54,000. The pat- ent has a remaining legal

BE12-1 (L01,2) Taylor Swift Corporation purchases a patent from Salmon Company on January 1, 2017, for $54,000. The pat- ent has a remaining legal life of 16 years. Taylor Swift feels the patent will be useful for 10 years. Prepare Taylor Swift's journal entries to record the purchase of the patent and 2017 amortization.

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