1, 2012 Pres mad intia ARTIST Thinking P10.8 (LO 4) Due to rapid turnover in the accounting department, a number of transactions involving intangible assets were improperly recorded by the Buek Industries in 2020. De 1. Buek developed a new manufacturing process, incurring research costs of 97,000 and develop- ment costs prior to technological feasibility of 50,000. The company also purchased a patent for 60,000. In early January, Buck capitalized 207,000 as the cost of the patents. Patent amortiza- tion expense of 10,350 was recorded based on a 20-year useful life. 2. On July 1, 2020, Buek purchased a small company and as a result acquired goodwill of 80,000. Buck recorded a half-year's amortization in 2020, based on a 50-year life (800 amortization). The goodwill has an indefinite life. Instructions Prepare all journal entries necessary to correct any errors made during 2020. Assume the books have not yet been closed for 2020. Res EXE