On January 3, 2007, Merris Company spent $89,000 to apply for and obtain a patent on a newly developed product. The patent had an estimated useful life of 10 years. At the beginning of 2011, the company spent $16,000 in successfully prosecuting an attempted infringement of the patent. At the beginning of 2012, the company purchased for $37,000 a patent that was expected to prolong the life of its original patent by five years. On July 1, 2015, a competitor obtained rights to a patent that made the company's patent obsolete.

Instructions:

Give all the entries that would be made relative to the patent for the period 2007-2015, including entries to record the purchase of the patent, annual patent amortization, and ultimate patent obsolescence. (Assume the company's accounting period is the calendar year.)