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The following information applies to the questions displayed below) On January 1 2021. Weaver Corporation purchased a patent for $237,000. The remaining legal life is
The following information applies to the questions displayed below) On January 1 2021. Weaver Corporation purchased a patent for $237,000. 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 $57000 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.) View transaction lit Journal entry worksheet Record amortization on the patent. Note: Enter debits before credits. General Journal Debit Credit Date December 31, 2021 Record entry Clear entry View general journal Journal entry worksheet A Record legal fees on the patent infringement suit. Note: Enter debits before credits. General Journal Debit Credit Date January 01, 2023 Record entry Clear entry View general journal Journal entry worksheet Record amortization on the patent. Note: Enter debits before credits. Date General Journal Debit Credit December 31, 2023 Record entry Clear entry View general journal
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