Use the information in BE12.13 and assume that in January 2025, Lakeshore spends $26,000 successfully defending a patent suit. In addition, Lakeshore now feels the patent will be useful only for another seven years. Prepare the journal entries to record the 2025 expenditure and amortization for the year rounded to the nearest dollar.

Data from in BE12.13

Lakeshore Corporation purchased a patent from MaFee Corp. on January 1, 2023, for $87,000. The patent had a remaining legal life of 16 years. Prepare Lakeshore’s journal entries to record the 2023 patent purchase and amortization for the year rounded to the nearest dollar.