On January $2,2024,$ David Corporation purchased a patent for $$420,000.$ The remaining legal life is $12$ years, but the company estimated that the patent will be useful only for eight years. In January $2026,$ the company incurred legal fees of $$45,000$ in successfully defending a patent infringement suit. The successful defense did not change the company$$s estimate of useful life.

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Prepare journal entries related to the patent for $2024,2025,$ and $2026.$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.