The Denham Springs Co. applied for and received numerous patents at a total cost of $23,215 at the beginning of 2003. It is assumed the patents will have economic value for their remaining legal life of 16 years. At the beginning of 2005, the company paid $6,985 in successfully prosecuting an attempted infringement of these patent rights. At the beginning of 2008, $24,300 was paid to acquire patents that could make its own patents worthless; the patents acquired have a remaining life of 15 years but will not be used.
1. Give the entries to record the expenditures relative to patents.
2. Give the entries to record patent amortization for the years 2003, 2005, and 2008.