Question: Required information Exercise 7-16A Record amortization expense (LO7-5) Skip to question [The following information applies to the questions displayed below.] On January 1, 2021, Weaver

Required information

Exercise 7-16A Record amortization expense (LO7-5)

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[The following information applies to the questions displayed below.]

On January 1, 2021, Weaver Corporation purchased a patent for $237,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January 2023, the company incurred legal fees of $57,000 in successfully defending a patent infringement suit. The successful defense did not change the companys estimate of useful life. Weaver Corporations year-end is December 31.

Exercise 7-16A Part 2

2. What is the balance in the Patent account at the end of 2023?

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