Exercise 7-16 (Algo) Record amortization expense (LO7-5) On January 1, 2024, Weaver Corporation purchased a patent for $261,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January 2026, the company incurred legal fees of $81,000 in successfum efending 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: Record the purchase in 2024; amortization in 2024; amortization in 2025; legal fees in 2026; and amortization in 2026. 2. What is the balance in the Patent account at the end of 2026? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record the purchase in 2024; amortization in 2024; amortization in 2025; legal fees in 2026; and amortization in 2026. (If no entry is required for a particular transaction/event, select "No Journal Entry Required in the first account field.)

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