Flounder Corporation purchases a patent from Shamrock Inc. on July 1, 2017, for $260,000. The patent has a remaining legal life of 9 years. Flounder estimates the patent will have a useful life of 4 years, based on expected product innovations in the market. Prepare Flounder'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 Ofor the amounts.) Account Titles and Explanation Debit Credit Patents 260,000 Cash 260,000 (To record purchase of patents) Amortization Expense 65000 Patents 65000 (To record amortization of patents)