Concord Corporation purchases a patent from Sheridan Company on January 1, 2017, for $70,000. The patent has a remaining legal life of 16 years. Concord feels the patent will be useful for 10 years. Prepare Concords 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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
(To record purchase of patents)
(To record amortization of patents)