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Help with accounting questions! Required information (The following information applies to the questions displayed below.) On January 1, 2018, Weaver Corporation purchased a patent for
Help with accounting questions!
Required information (The following information applies to the questions displayed below.) On January 1, 2018, 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 2020, 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 2018; amortization in 2018; amortization in 2019; legal fees in 2020; and amortization in 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Required information No General Journal Credit Date January 01, 2018 Patents Cash Debit 237,000 1 237,000 2 39,500 December 31, 201 Amortization expense Amortization expense 39,500 3 39,500 December 31, 201 Amortization expense Accumulated depreciation 39,500 4 January 01, 2020 Legal fees expense Cash 57,000 57,000 5 39,500 X December 31, 202 Amortization expense Accumulated depreciation 39,500Step by Step Solution
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