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On January 1,2024 , Weaver Corporation purchased a patent for $249,000. 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 compony incurred legal fees of $69,000 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 2024; amortization in 2024; amortization in 2025; legal fees in 2026; and amortization in 2026. 2. What is the balance in the Patent account at the end of 2026 ? Complete this question by entering your answers in the tabs below. Record the purchase in 2024; amortization in 2024; amortization in 2025; legal fees in 2026; and amortization in 2026, (if no entry is required for a particular transaction/event, select "No Joumal Entry Required in the first account field.) On January 1, 2024. Weaver Corporation purchased a patent for $249,000. 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 $69.000 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 2024; amortization in 2024; amortization in 2025; legal fees in 2026; and amortization in 2026. 2. What is the balance in the Patent account at the end of 2026 ? Complete this question by entering your answers in the tabs below. Record the purchase in 2024; amortization in 2024; amortization in 2025; legal fees in 2026; and amortization in 2026. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Journal entry worksheet 5 On January 1, 2024. Weaver Corporation purchased a patent for $249,000. 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 $69,000 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 2024; amortization in 2024; amortization in 2025; legal fees in 2026; and amortization in 2026. 2. What is the balance in the Patent account at the end of 2026 ? Complete this question by entering your answers in the tabs below. Record the purchase in 2024; amortization in 2024; amortization in 2025; legal fees in 2026; and amortization in 2026. (If no entry is required for a parbcular transactionvevent, select "No Journal Entry Required" in the first account field.) Journal entry worksheet On Jenuary 1, 2024, Weaver Corporation purchased a patent for $249,000. The remaining legal life is 20 years, but the company estimates the patent will be uscful for only six more years. In January 2026, the company incurred legal fees of $69,000 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 2024; amortization in 2024; amortization in 2025; legal fees in 2026; and amortization in 2026 . 2. What is the balance in the Patent account at the end of 2026 ? Complete this question by entering your answers in the tabs below. Record the purchase in 2024; amortization in 2024; amortization in 2025; legal fees in 2026; and amortization in 2026. (If no entry is required for a particular transactionvevent, select "No Joumal Entry Required" in the first account field.). Journal entry worksheet On January 1, 2024, Weaver Corporation purchased a patent for $249,000. The remaining legal lifo 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 $69.000 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 2024; amortization in 2024; amortization in 2025; legal fees in 2026; and amortization in 2026. 2. What is the balance in the Patent account at the end of 2026 ? Complete this question by entering your answers in the tabs below. Record the purchase in 2024; amortization in 2024; amortization in 2025; legal fees in 2026; and amortization in 2026. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.)