- AL Paragraph Styles Problem 8. Acquisition of intangible assets (8 points) The following facts apply to a patent created by KISS Company for a new guitar varnish mixture. a. During 2017, KISS Company, Inc received a patent on a new varnish mixture for guitars. The company incurred $500,000 in costs during the development of the mixture. The legal costs incurred to obtain the patent were $10,000. Due to the nature of the mixture, KISS determined the patent would have an infinite life. b. During 2018, KISS incurred S240,000 in legal fees defending the patent. KISS's lawyers were successful with the defense of the patent. C. During 2019, KISS incurred $160,000 in legal fees defending the patent. KISS's lawyers were unsuccessful in defending their patent. Required: Write all journal entries relevant to these transactions during the period 2017-2019 Date Account Debit Credit 11