PLEASE HELP
On January 2, 2021, 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 2023, 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. 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.) On January 2, 2021, 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 2023 , 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. 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 transoction/event, select "No journal entry required" in the first account field.) On January 2, 2021, 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 2023 , 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. 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 5 Record amortization of the patent for the year 2022. Note; Enter debits before credits. On January 2, 2021, 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 2023, 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. 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 costs of successfully defending the patent infringement sult. Note : Enter debits before credits. On January 2, 2021, 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 2023, 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. 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 12 Record amortization of the patent for the year 2023. Note: Enter debits before credits
