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On January 2,2024, David Corporation purchased a patent for $420,000. The remaining legal life is...

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Accounting

On January 2,2024, David Corporation purchased a patent for $420,000. The remaining legal life is 12 years, but the company estimated that the patent will be useful only for eight years. In January 2026, the company incurred legal fees of $45,000 in successfully defending a patent infringement suit. The successful defense did not change the companys estimate of useful life.
Required:
Prepare journal entries related to the patent for 2024,2025, and 2026.
Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.

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