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On January 1, 2021, Weaver Corporation purchased a patent for $264,000. The remaining legal life...

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Accounting

On January 1, 2021, Weaver Corporation purchased a patent for $264,000. 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 $84,000 in successfully defending a patent infringement suit. The successful defense did not change the companys estimate of useful life. Weaver Corporations year-end is December 31. 2. What is the balance in the Patent account at the end of 2023?

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