On January $2,2024,$ David Corporation purchased a patent for $$720,000.$ The remaining legal life is $12$ years, but the company estimated that the patent will be useful only for eight years. In January $2026,$ the company incurred legal fees of $$60,000$ 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 $2026.$