Bridgeport Corporation purchased a patent from MaFee Corp. on January 1, 2023, for $83,440. The patent...

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Bridgeport Corporation purchased a patent from MaFee Corp. on January 1, 2023, for $83,440. The patent had a remaining legal life of 14 years. In January 2025, Bridgeport spends $27,810 successfully defending a patent suit. In addition, Bridgeport 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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to O decimal places, e.g. 5,275. List all debit entries before credit entries.) Account Titles and Explanation (To record disbursement related to patent) Amortization Expense Accumulated Amortization - Patents (To record amortization expense) Debit Credit Bridgeport Corporation purchased a patent from MaFee Corp. on January 1, 2023, for $83,440. The patent had a remaining legal life of 14 years. In January 2025, Bridgeport spends $27,810 successfully defending a patent suit. In addition, Bridgeport 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. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round answers to O decimal places, e.g. 5,275. List all debit entries before credit entries.) Account Titles and Explanation (To record disbursement related to patent) Amortization Expense Accumulated Amortization - Patents (To record amortization expense) Debit Credit