Cost Purchased $6,020,000 January 1, 2018 Legal life Amortization method 25 Years straight-line Assume Tamarisk will continue to use this asset in the future. As of January 1, 2026, the copyrights have a revised remaining useful life of 5 years. (a) Prepare the journal entry to record the purchase of the copyrights. (Credit account titles are automatically indented when the 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. List debit entry before credit entry.) Date Account Titles and Explanation January 1, 2018 Debit Credit