Question 1

Grouper Corporation purchases a patent from Sheridan Company on January 1, 2025, for $46,000. The patent has a remaining legal life of 16 years. Grouper estimates the patent will have a useful life of 10 years, based on expected product innovations in the market. Prepare Groupers 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
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)