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On January 2, 2021, David Corporation purchased a patent for $510,000. The remaining legal life is 10 years, but the company estimated that the patent
On January 2, 2021, 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 2023 , the company incurred legal fees of $80,000 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 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. Journal entry worksheet 1 5 Record amortization of the patent for the year 2021. Note: Enter debits before credits. Journal entry worksheet 1 Record amortization of the patent for the year 2022. Note: Enter debits before credits. Journal entry worksheet 1 Record costs of successfully defending the patent infringement suit. Note: Enter debits before credits. Journal entry worksheet 13 Record amortization of the patent for the year 2023. Note: Enter debits before credits
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