What is the balance in the patent account

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Reference no: EM131521361

Question: On January 1, 2012, Weaver Corporation purchased a patent for $240,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January 2014, the company incurred legal fees of $60,000 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 2012; amortization in 2012; amortization in 2013; legal fees in 2014; and amortization in 2014.

2. What is the balance in the Patent account at the end of 2014?

Reference no: EM131521361

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