Exercise 11-20 (Static) Patent amortization; patent defense [LO11-4, 11-9] On January 2, 2024, David Corporation purchased a patent for $500,000. The remaining legal life is 12 years, but the company estimated that the patent will be useful only for eight years. In January 2026, the company incurred legal fees of $45,000 in successfully defending a patent infringement suit. The successful defense did not change the company's estimate of useful life. Required: Prepare journal entries related to the patent for 2024, 2025, and 2026. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. View transaction list Journal entry worksheet 2 3 4 5 Record the purchase of the patent. Note: Enter debits before credits. Date January 02, 2024 General Journal Debit Credit