Grouper Corporation purchases a patent from Sheridan Company on January 1, 2020, for $46,000. The patent has

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Grouper Corporation purchases a patent from Sheridan Company on January 1, 2020, for $46,000. The patent has a remaining legal life of 16 years. Grouper feels the patent will be useful for 10 years. Prepare Grouper’s journal entries to record the purchase of the patent and 2020 amortization.