On January 2, 2018, David Corporation purchased a patent for $400,000. The remaining legal life is 12 years, but the company estimated that the patent will be useful only for eight years. In January 2020, the company incurred legal fees of $30,000 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 2018, 2019, and 2020. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Debit Credit January 02, 2018 Patent 1 40.000 X Cash 40,000x) December 31, 20 Amortization expense 2 50,000 Cash 50,000 December 31, 20 Amortization expense 3 50,000 Cash 50,000 Patent January, 2020 30,000f Cash 30,000 December 31, 20 Amortization expense 5 60,000 60,000x) Patent