Journal entry 1-

• Record the patent purchase.

Journal entry 2-

• Record amortization on the patent.

Journal entry 3-

• Record amortization on the patent.

Journal entry 4-

• Record legal fees on the patent infringement suit.

Journal entry 5-

• Record amortization on the patent.

Required information Exercise 7-16B Record amortization expense (LO7-5) [The following information applies to the questions displayed below.) On January 1, Year 1, a company purchased a patent for $255,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January Year 3, the company incurred legal fees of $75,000 in successfully defending a patent infringement suit. The successful defense did not change the company's estimate of useful life. The company's year-end is December 31. Exercise 7-16B Part 1 Required: 1. Record the purchase in Year 1, amortization in Year 1, amortization in Year 2; legal fees in Year 3, and amortization in Year 3. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 2 3 4 5 Record the patent purchase. Note: Enter debits before credits. General Journal Debit Credit Date January 01 Record entry Clear entry View general journal