E7-16 On January 1, 2018, Weaver Corporation purchased a patent for $237,000. The remaining legal...
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E7-16 On January 1, 2018, Weaver Corporation purchased a patent for $237,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January 2020, the company incurred legal fees of $57,000 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. rtization 7-5) Required 1. Record the purchase in 2018; amortization in 2018; amortization in 2019; legal fees in 202 and amortization in 2020. 2. What is the balance in the Patent account at the end of 2020
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