tpx connect ACCOUNTING Chapter 11 Homework Question 7 (c 5.00 points On January 2, 2016, David Corporation purchased a patent for $465,000 The remaining legal life is 10 years, but the company estimated that the patent will be useful only for six years. In January 2018, the company incurred legal fees of $70,000 in successfully defending a patent infringement suit. The successful defense did not change the company's estimate of useful Ife. Required: Prepare journal entries related to the patent for 2016.2017, and 2018 (If no entry is required for a transactionlevent, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the purchase of the patent Noter Enter debits before credits Date General Journal Debit Credit January 02, 2016 Record entry Clear entry View gener all journal