Brief Exercise 12-1 Flounder Corporation purchases a patent from Pharoah Company on January 1, 2017, for $68,000. The patent has a remaining legal life of 14 years. Flounder feels the patent will be useful for 10 years. Prepare Flounder's journal entries to record the purchase of the patent and 2017 amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation rde Credit (To record purchase of patents) (To record amortization of patents) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS