Sheffield Corporation purchases a patent from Pharoah Company on January 1, 2020, for $69,000. The patent...

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Sheffield Corporation purchases a patent from Pharoah Company on January 1, 2020, for $69,000. The patent has a remaining legal life of 14 years. Sheffield feels the patent will be useful for 10 years. Prepare Sheffield's 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 O for the amounts.) Account Titles and Explanation Debit Credit Patents (To record purchase of patents) Amortization Expense (To record amortization of patents) 69000 6900 69000 6900 Sheffield Corporation purchases a patent from Pharoah Company on January 1, 2020, for $69,000. The patent has a remaining legal life of 14 years. Sheffield feels the patent will be useful for 10 years. Prepare Sheffield's 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 O for the amounts.) Account Titles and Explanation Debit Credit Patents (To record purchase of patents) Amortization Expense (To record amortization of patents) 69000 6900 69000 6900