Exercise 7-16 (Algo) Record amortization expense (LO7-5) On January 1, 2024, Weaver Corporation purchased a...
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Exercise 7-16 (Algo) Record amortization expense (LO7-5) On January 1, 2024, Weaver Corporation purchased a patent for $246,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January 2026, the company incurred legal fees of $66,000 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 2024; amortization in 2024; amortization in 2025; legal fees in 2026; and amortization in 2026. 2. What is the balance in the Patent account at the end of 2026? Complete this question by entering your answers in the tabs below. Record the purchase in 2024; amortization in 2024; amortization in 2025; legal fees in 2026; and amortization in 2026. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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