Question: Can someone please help me with this question, I've been stuck on it for awhile now! :-( On January 2, 2016, David Corporation purchased a

Can someone please help me with this question, I've been stuck on it for awhile now! :-(

On January 2, 2016, David Corporation purchased a patent for $510,000. The remaining legal life is 10 years, but the company estimated that the patent will be useful only for six years. In January 2018, the company incurred legal fees of $80,000 in successfully defending a patent infringement suit. The successful defense did not change the companys estimate of useful life.

Required:

Prepare journal entries related to the patent for 2016, 2017, and 2018.

Record the purchase of the patent.
Record amortization of the patent for the year 2016.
Record amortization of the patent for the year 2017
Record costs of successfully defending the patent infringement suit
Record amortization of the patent for the year 2018.

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