Question 1 of 7 View Policies Current Attempt in Progress Concord Corporation purchases a patent from Sheridan Company on January 1, 2020, for $51.000. The patent has a remai life of 16 years. Concord feels the patent will be useful for 10 years. Assume that at January 1, 2022, the carrying amount of patent on Concord's books is $40,800. In January, Concord spends $24,800 successfully defending a patent suit. Concord st the patent will be useful until the end of 2029. Prepare the journal entries to record the $24,800 expenditure and 2022 amortization. (Credit account titles are automatically when amount is entered. Do not Indent manually. W no entry is required, select "No Entry" for the account titles and enter O for the amo Account Titles and Explanation Debit Credit I (To record expenditure of patents) (To record amortization expense) Textbook and Media List of Accounts stretor Latar Attempts: Oof 3 used Suwit A E