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Required information [The following information applies to the questions displayed below.) On January 1, 2021, Weaver Corporation purchased a patent for $237,000. The remaining legal tife is 20 years, but the company estimates the patent will be useful for only six more years. In January 2023, 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 Required: 1. Record the purchase in 2021; amortization in 2021; amortization in 2022; legal fees in 2023; and amortization in 2023. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 4 5 Record the patent purchase. Note: Enter debits before credits General Journal Date January 01, 2021 Debit Credit Required information [The following information applies to the questions displayed below.] On January 1, 2021, Weaver Corporation purchased a patent for $237,000. The remaining lec company estimates the patent will be useful for only six more years. In January 2023, the cor $57,000 in successfully defending a patent infringement suit. The successful defense did not estimate of useful life. Weaver Corporation's year-end is December 31. equired: Record the purchase in 2021; amortization in 2021; amortization in 2022; legal fees in 2023; and a equired for a particular transaction/event, select "No Journal Entry Required" in the first account View transaction list Journal entry worksheet 3 4 5 > Record amortization on the patent. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2021 $57,000 in successfully defending a patent infringement suit. The successful defense did n estimate of useful life. Weaver Corporation's year-end is December 31. equired: Record the purchase in 2021; amortization in 2021; amortization in 2022; legal fees in 2023; and equired for a particular transaction/event, select "No Journal Entry Required" in the first acco View transaction list Journal entry worksheet Record amortization on the patent. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2022 [The following information applies to the questions displayed below.) On January 1, 2021, Weaver Corporation purchased a patent for $237,000. The remaining legal life is 20 ye company estimates the patent will be useful for only six more years. In January 2023, the company incurre $57,000 in successfully defending a patent infringement suit. The successful defense did not change the estimate of useful life. Weaver Corporation's year-end is December 31. equired: Record the purchase in 2021; amortization in 2021; amortization in 2022; legal fees in 2023; and amortization in equired for a particular transaction/event, select "No Jqurnal Entry Required" in the first account field.) View transaction list Journal entry worksheet Record legal fees on the patent infringement suit. Note: Enter debits before credits Date General Journal Debit Credit January 01, 2023 Required information [The following information applies to the questions displayed below.] On January 1, 2021, Weaver Corporation purchased a patent for $237,000. The remaining legal life is 2 company estimates the patent will be useful for only six more years. In January 2023, the company incu $57,000 in successfully defending a patent infringement suit. The successful defense did not change th estimate of useful life. Weaver Corporation's year-end is December 31. Required: 1. Record the purchase in 2021; amortization in 2021; amortization in 2022; legal fees in 2023; and amortizatic required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 Record amortization on the patent. Note: Enter debits before credits Date December 31, 2023 General Journal Debit Credit Required information [The following information applies to the questions displayed below.) On January 1, 2021, Weaver Corporation purchased a patent for $237,000. The remaining legal life is a company estimates the patent will be useful for only six more years. In January 2023, the company inc $57,000 in successfully defending a patent infringement suit. The successful defense did not change t estimate of useful life. Weaver Corporation's year-end is December 31. What is the balance in the Patent account at the end of 2023? Answer is complete but not entirely correct. alance in the Patents account $ 131,250