Question 7 [8 points) On July 1, 2014 Vision Consulting Inc, purchased for cash of $50,000 a patent with a useful life of 10 years. Give the entries to record a. The purchase of the patent b. The amortization on December 31, 2014 (calculated to the nearest whole month) Enter the transaction letter as the description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (.e., January 15 would be 15/Jan). Ensure accuracy in your calculations and round only your final answer to the nearest whole dollar. Goneral Journal Page 2 Date Account Explanation F Deb Credit