On January 2, 2021, David Corporation purchased a patent for $540,000. The remaining legal life is 10 years, but the company estimated that the patent will be useful only for six years. In January 2023, the company incurred legal fees of $60,000 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 2021, 2022, and 2023. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Journal entry worksheet Record the purchase of the patent. Note: Enter debits before credits. General Journal Debit Credit Date January 02, 2021 Record entry Clear entry View general journal Journal entry worksheet Record amortization of the patent for the year 2021. Note: Enter debits before credits. General Journal Debit Credit Date December 31 2021 Record entry Clear entry View general journal Journal entry worksheet Record costs of successfully defending the patent infringement suit. Note: Enter debits before credits. General Journal Debit Credit Date January, 2023 Record entry Clear entry View general journal Journal entry worksheet