Exercise $7-16($Algo$)$ Record amortization expense $($LO$7-5)$

On January $1,2024,$ Weaver Corporation purchased a patent for $$213,000.$ The remaining legal life is $20$ years, but the company estimates the patent will be useful for only six more years. In January $2026,$ the company incurred legal fees of $$33,000$ 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:

Record the purchase in $2024$; amortization in $2024$; amortization in $2025$; legal fees in $2026$; and amortization in $2026.$

What is the balance in the Patent account at the end of $2026?$

Complete this question by entering your answers in the tabs below.

Required $1$

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

Record the purchase in $2024.$

Note: Enter debits before credits.

$\backslash$table$[[$Date$,$General Journal,Debit,Credit$],[$January $01,2024,,,],[,,,],[,,,],[,,,]]$

Exercise $7-16($Algo$)$ Record amortization expense $($LO$7-5)$

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:

Record the purchase in $2024$; amortization in $2024$; amortization in $2025$; legal fees in $2026$; and amortization in $2026.$

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.$)$

$(1)$ Record the purchase in $2024.$

$2$ Record amortization in $2024.$

$3$ Record amortization in $2025.$

$4$ Record legal fees in $2026.$

$5$ Record amortization in $2026.$