On January 1, 2015, Weaver Corporation purchased a patent for $237,000. The remaining legal life is 20 years, but the company es
timates the patent will be useful for only six more years. In January 2017, the company incurred legal fees of $57,000 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.
1. Record the purchase in 2015; amortization in 2015; amortization in 2016; legal fees in 2017; and amortization in 2017.
2. What is the balance in the Patent account at the end of 2017?
1. Record the purchase in 2015; amortization in 2015; amortization in 2016; legal fees in 2017; and amortization in 2017.
2. What is the balance in the Patent account at the end of 2017?
1 answer:
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