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Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by Concord Corporation. Concord developed a new manufacturing process, incurring research and development costs of $198,400. The company also purchased a patent for $46,600. In early January, Concord capitalized 5245,000 as the cost of the patents. Patent amortization expense of $12,250 was recorded based on a 20-year useful life. On July 1, 2017, Concord purchased a small company and as a result recorded goodwill of $80,000. Concord recorded a half-year's amortization in 2017, based on a 20-year life ($2,000 amortization). The goodwill has an indefinite life. 2 Indicate the account titles and amounts to increase or decrease to correct any errors made during 2017 No. Increase / Decrease Account Titles Amount 1. $ (To correct the error made in recording research and development costs) $ $ (To correct the error made in recording amortization expense) 2. Click if you would like to Show Work for this question: Open Show Work