Current Attempt in Progress 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 Concord'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 for the amounts) Account Titles and Explanation Debit Credit (To record purchase of patents) (To record amortization of patents) eTextbook and Media List of Accounts