Exercise 7-16 (Algo) Record amortization expense (LO7-5) On January 1, 2024, Weaver Corporation purchased a patent for $252,000. 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 $72,000 in successfully defending a patent infringement suit. The successful defense did not change the companys estimate of useful life. Weaver Corporations year-end is December 31. Required: 1. Record the purchase in 2024; amortization in 2024; amortization in 2025; legal fees in 2026; and amortization in 2026. 2. What is the balance in the Patent account at the end of 2026