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Please show work as soon as possible. Thank you. On January 2, 2021, David Corporation purchased a patent for $510,000. The remaining legal life is
Please show work as soon as possible. Thank you.
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 worksheetStep by Step Solution
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