aw V Assignment 3 Chapter 12 Courses Service Question 3 of 7 -/10 Seon During 2016, Ayayal Corporation spent $175,680 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2016, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $49,680 related to the patent were incurred as of October 1, 2016. Prepare all journal entries required in 2016 and 2017 as a result of the transactions above. (Credit account titles are automatically Indented when amount is entered. Do not indent manually. If no entry as required, select "No Entry for the account titles and enter for the amounts: Date Account Titles and Explanation Debit Credit 2016 (To record research and development expenses) 2016 (To record legal expenses) 2016 (To record amortization expense) 2017 JAX A Player X Player X Get Homework Help With Chix + assessment-player/index.html?launchid-tabl6085-63af-4a13-9658-cd9831497300#/question/1 Question 2 of 7 - / 10 View Policies Current Attempt in Progress Sunland Company has provided information on intangible assets as follows. A patent was purchased from Splish Brothers Company for $2,000,000 on January 1, 2019. Sunland estimated the remaining useful life of the patent to be 10 years. The patent was carried in Splish Brothers's accounting records at a net book value of $2,000,000 when Splish Brothers sold it to Sunland. During 2020, a franchise was purchased from Culver Company for $450,000. In addition, 5% of revenue from the franchise must be paid to Culver. Revenue from the franchise for 2020 was $2,540,000. Suntand estimates the useful life of the franchise to be 10 years and takes a full year's amortization in the year of purchase. Sunland incurred research and development costs in 2020 as 20 as follows Materials and equipment 195.000 111,000 $454.000 $148.000 Personnel Indirect costs Sunland estimates that these costs will be recouped by December 31, 2023. The materials and equipment purchased have no alternative uses On January 5, 2020, because of recent events in the field, Sunland estimates that the remaining life of the patent purchased on January 12019, is only 5 years from January 1, 2020. (a) Prepare the Intereibles section of Sunland's Balance sheet at December 31, 2020. (Enter account name only and do not provide SUNLAND COMPANY Intangibles Section of Balance Sheet For the wind December 2000