solve these questions please

On January 1, 2021, Weaver Corporation purchased a patent for $234,000. 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 $54,000 in successfully defending a patent Infringement suit. The successful defense did not change the company's estimate of useful life. Weaver Corporation's year-end is December 31. Exercise 7-16A Part 1 Required: 1. Record the purchase in 2021, amortization in 2021; amortization in 2022; legal fees in 2023, and amortization in 2023. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 Record the patent purchase. Note: Enter debits before credits General Journal Debit Credit Date January 01, 2021 7 Graded Homework 0 Saved Help (The following information applies to the questions displayed below.) Sub Station and Planet Sub reported the following selected financial data ($ in thousands). Sub Station's business strategy is to sell the best tasting sandwich with the highest quality ingredients. Planet Sub's business strategy is to sell the lowest cost sub on the planet. Net sales Net income Total assets, beginning Total assets, ending Sub Station $108,849 26,522 75,783 117,571 Planet Sub $62,671 4,092 39,599 45,733 Problem 7-9A Part 1 Required: 1. Calculate Sub Station's return on assets, profit margin, and asset turnover ratio. (Enter your answers in thousands of dollars. (l.e. 123,000 should be entered as 123).) tes Return on Assets Choose Numerator Choose Denominator = Return on Assets Return on assets = = Profit Margin Choose Denominator Choose Numerator Profit Margin Profit Margin - Asset Turnover Choose Denominator Choose Numerator Asset Turnover Asset Tumover times Problem 7-9A Calculate and interpret ratios (L07-7) [The following information applies to the questions displayed below.) Sub Station and Planet Sub reported the following selected financial data ($ in thousands). Sub Station's business strategy is to sell the best tasting sandwich with the highest quality ingredients, Planet Sub's business strategy is to sell the lowest cost sub on the planet. Net sales Net income Total assets, beginning Total assets, ending Sub Station $108,849 26,522 75,783 117,571 Planet Sub $62,671 4,092 39,599 45,733 Problem 7-9A Part 2 2. Calculate Planet Sub's return on assets, profit margin, and asset turnover ratio (Enter your answers in thousands of dollars. (le. 123,000 should be entered as 123).) Return on Assets Choose Denominator Choose Numerator Return on Assets Return on assets Profit Margin Choose Denominator Choose Numerator Profit margin Proft Margin Asset Turnover Choose Denominator Choose Numerator Asset Turnover Asset Turnover times Help ave & EXIT Sub Station and Planet Sub reported the following selected financial data (s in thousands). Sub Station's business strategy is to sell the best tasting sandwich with the highest quality ingredients. Planet Sub's business strategy is to sell the lowest cost sub on the planet. Sub Station Planet Sub Net sales $108,849 $62,671 Net income 26,522 4,892 Total assets, beginning 75,783 39,599 Total assets, ending 117,571 45,733 Problem 7-9A Part 3 3-0. Which company has the higher profit margin? Sub Station's Planet Sub 3.b. Which company has the higher asset turnover? Sub Station's Planet Sub 3-c. Are the two ratios consistent with the primary business strategies of the two companies? Yes