Cancun Sunset Ltd acquires a patent for $48,000 cash. It then uses the patent to develop product prototypes, before production can commence. Bank records show it spend $21,000 on this development. As a result, an independent valuer believes that the fair value of the patent is $74,000. Note: Ignore GST. Required: Prepare journal entries for (a) the acquisition of the patent; (b) development of product prototypes; and (c) revaluation of the patent. Use the answer template below or upload your answer in a Word document. A BIT & US X2 x G # Cancun Sunset Ltd's General Journal: Date Account Names Debit Credit (a) (b) (To record acquisition of the patent) (To record development expenses) (c) (To record revaluation of the patent) I 5 3 marks