Exercise 10-12 The following are selected 2020 transactions of Sheffield Corporation. Jan. 1 May 1 Purchased a small company and recorded goodwill of $198,000. Its useful life is indefinite. Purchased for $96,000 a patent with an estimated useful life of 4 years and a legal life of 15 years. Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (Cre! red. Do not indent manually. If no entry is required, select "No entry" for the account titles and Date Account Titles and Explanation Debit Credit Dec. 31 (To record goodwill amortization) Study Dec. 31 (To record patent amortization) SHOW LIST OF ACCOUNTS LINK TO TEXT