34.(4 points) During 2019, Salem Company spent $1,400,000 in research and development costs. As a result of its R&D activities, Salem patented a new product on September 30, 2019. On September 30, 2019, Salem incurred and paid $24,000 of legal costs related to its new patent. The patent had a five-year legal life. Salem only prepares adjusting journal entries once each year as of 12-31 (year-end).

a.Prepare the entries Salem made in 2019 related to the R&D activities and the patent.

b.Prepare the entries Salem made in 2020 and 2021 related to the patent.

c.On June 30, 2022, Salem spent $12,000 to defend its patent rights. Salem's defense was successful. Prepare the entries Salem made in 2022 related to the patent.