INTERMEDIATE ACCOUNTING (30U7 Prectice Assignment Gradebook ORION Downloadable eTextboolk ssignment CALCULATOR MESSAGEMYIRSTRUCTOR RILLSCREEN PRINTER VERSO"NACK NEXT CES Brief Exercise 12-1 Your answer is partially correct. Try again. Taylor Swift Corporation purchases a patent from salmon Company on January 1, 2012,for $54,000. The patent has a remainino lecal lfe of 16 years. Taylor Swit fels the will be useful for 10 years. paterit Do not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for tie pmous unt Titles and Explanation Debit Credit 54,000 Patents 54,000 Cash (To record purchase of patents) 8,400 Amortization Expense 8,400 Patents (To record amortization of patents) 11:09 23/02