On January 1, 2024, Weaver Corporation purchased a patent for $246,000. The remaining legal life is...

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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? required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No 1 Date General Journal January 01, 2024 Patents Cash 2 December 31, 2024 Amortization Expense Patents Debit Credit 246,000 246,000 41,000 41,000 3 December 31, 2025 Amortization Expense 41,000 Patents 41,000 4 January 2026 Patents Cash 5 December 31, 2026 Amortization Expense Patents < Required 1 Required 2 > 66,000 66,000 41,000 41,000 Un January 1, 2024, weaver Corporation purchased a patent for $246,uvu. Ine remaining legai lire is ZU years, put 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? View p Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the balance in the Patent account at the end of 2026? Balance in the Patent account $ 123,000 < Required 1 Required 2 > 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? required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No 1 Date General Journal January 01, 2024 Patents Cash 2 December 31, 2024 Amortization Expense Patents Debit Credit 246,000 246,000 41,000 41,000 3 December 31, 2025 Amortization Expense 41,000 Patents 41,000 4 January 2026 Patents Cash 5 December 31, 2026 Amortization Expense Patents < Required 1 Required 2 > 66,000 66,000 41,000 41,000 Un January 1, 2024, weaver Corporation purchased a patent for $246,uvu. Ine remaining legai lire is ZU years, put 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? View p Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the balance in the Patent account at the end of 2026? Balance in the Patent account $ 123,000 < Required 1 Required 2 >