E7-16On January 1, 2015, Weaver Corporation purchased a patent for $237,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January 2017, 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 2015; amortization in 2015; amortization in 2016; legal fees in 2017; and amortization in 2017.

2.What is the balance in the Patent account at the end of 2017?