Flounder Corporation purchases a patent from Pharoah Company on January 1, 2020, for $68,000. The patent has a remaining legal life of 14 years. Flounder feels the patent will be useful for 10 years. Prepare Flounders journal entries to record the purchase of the patent and 2020 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
enter an account title to record purchase of patents	enter a debit amount	enter a credit amount
enter an account title to record purchase of patents	enter a debit amount	enter a credit amount
(To record purchase of patents)
enter an account title to record amortization of patents	enter a debit amount	enter a credit amount
enter an account title to record amortization of patents	enter a debit amount	enter a credit amount
(To record amortization of patents)