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What is the correct journal entry for December 31, 2026, and what is the balance in the Patent Account ? Please thoroughly explain your work.

Exercise 7-16 (Algo) Record amortization expense (LO7-5) On January 1, 2024. Weaver Corporation purchased a patent for $216,000. 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 $36,000 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 ? Answer is not complete. 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 transactionvevent, select "No Journal Entry Required" in the first account field.) estimates the patent will be useful for only six more years. In January 2026 , the company incurred legal fees of $36,000 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 ? Answer is not complete. Complete this question by entering your answers in the tabs below. What is the balance in the Patent account at the end of 2026 ? 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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