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Required information [The following information applies to the questions displayed below.] On January 1, 2021, Weaver Corporation purchased a patent for $222,000. The remaining legal
Required information [The following information applies to the questions displayed below.] On January 1, 2021, Weaver Corporation purchased a patent for $222,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January 2023, the company incurred legal fees of $42,000 in successfully defending a patent infringement suit. The successful defense did not change the company's estimate of useful life. Weaver Corporation's year-end is December 31. Required: 1. Record the purchase in 2021; amortization in 2021; amortization in 2022; legal fees in 2023; and amortization in 2023. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) Record the patent purchase. Note: Enter debits before credits. Date January 01, 2021 General Journal Debit Credit < 2 3 4 5 Record amortization on the patent. Note: Enter debits before credits. Date December 31, 2021 General Journal Debit Credit Record entry Clear entry View general Journal > Record amortization on the patent. Note: Enter debits before credits. Date December 31, 2022 General Journal Debit Credit Journal entry worksheet < 1 2 3 5 Record legal fees on the patent infringement suit. Note: Enter debits before credits. Date January 01, 2023 General Journal Debit Credit Record amortization on the patent. Note: Enter debits before credits. Date December 31, 2023 General Journal Debit Credit
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