On January 2, 2016, David Corporation purchased a patent for $510,000. The remaining legal life is 10 years, but the company estimated that the patent will be useful only for six years. In January 2018, the company incurred legal fees of $80,000 in successfully defending a patent infringement suit. The successful defense did not change the companys estimate of useful life.

Required:

Prepare journal entries related to the patent for 2016, 2017, and 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Required: Prepare journal entries related to the patent for 2016, 2017, and 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Record the purchase of the patent. 1 Record amortization of the patent for the year 2016 2 Record amortization of the patent for the year 2017. 3 Record costs of successfully defending the patent infringement suit. 4 Credit 5 Record amortization of the patent for the year 2018. Note journal entry has been entered Record entry Clear entry View general journal A X