amortization in 2021, in 2022, and in 2023 what is the balance in...
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amortization in 2021, in 2022, and in 2023
what is the balance in the patent account at the end of 2023
On January 1, 2021, Weaver Corporation purchased a patent for $228,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January 2023, the company incurred legal fees of $48,000 in successfully defending a patent infringement suit. The successful defense did not change the company's estimate of useful life. Weaver Corporation's year-end is December 31 Required: 1. Record the purchase in 2021; amortization in 2021; amortization in 2022; legal fees in 2023; and amortization in 2023. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete. General Journal Credit No 1 Date January 01, 2021 Patents Cash Debit 228,000 228,000 0 December 31, 202. Amortization Expense Patents 3 December 31, 202 Amortization Expense Patents 48,000 January 01, 2023 Patents Cash 48,000 5 December 31, 202 Amortization Expense
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