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On January 1,2024, Weaver Corporation purchased a patent for $270,000. The remaining legal life is...

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Accounting

On January 1,2024, Weaver Corporation purchased a patent for $270,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January 2026, the company incurred legal fees of $90,000 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:
Record the purchase in 2024; amortization in 2024; amortization in 2025; legal fees in 2026; and amortization in 2026.
What is the balance in the Patent account at the end of 2026?
Complete this question by entering your answers in the tabs below.
Required 1
Record the purchase in 2024; amortization in 2024; amortization in 2025; legal fees in 2( required for a particular transaction/event, select "No Journal Entry Required" in the first
Journal entry worksheet
1
2
3
4
5
Record legal fees in 2026.
Note: Enter debits before credits.
\table[[Date,General Journal,Debit,Credit],[January 2026],[,,,],[,,,],[,,,],[,,,],[,,,]]
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