"At the beginning of the fiscal year, David Company purchased for $1,030,000 a patent that applies to the manufacture of a unique tamper-proof lid for medicine bottles. David incurred legal costs of $450,000 in successfully defending use of the lid by a competitor. David estimated that the patent would be valuable for at least ten years""402Chapter 10: Long-Term AssetsDuring the first two years of operations, David successfully marketed the lid. At the beginning of the third year, a study appeared in a consumer magazine showing that chil-dren could in fact remove the lid. As a result, all orders for the lids were canceled, and the patent was rendered worthless.Prepare journal entries to record the following: (a) purchase of the patent, (b) suc-cessful defense of the patent, (c) amortization expense for the first year, and (d) write-off of the patent as worthless"

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