Current Attempt in Progress

Cheyenne Corporation purchases a patent from Oriole Company on January $1,2025,$ for $$79,000.$ The patent has a remaining legal life

of $14$ years. Cheyenne estimates the patent will have a useful life of $10$ years, based on expected product innovations in the market.

Prepare Cheyenne's journal entries to record the purchase of the patent and $2025$ 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. List all debit entries before credit entries.$)$

Account Titles and Explanation

Debit

Credit

$($To record purchase of patents$)$

$($To record amortization of patents$)$