Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by Riverbed Corporation. 1. 2. Riverbed developed a new manufacturing process, incurring research and development costs of $177,000. The company also purchased a patent for $58,200. In early January, Riverbed capitalized $235,200 as the cost of the patents. Patent amortization expense of $11,760 was recorded based on a 20-year useful life. On July 1, 2022, Riverbed purchased a small company and as a result recorded goodwill of $72,000. Riverbed recorded a half- year's amortization in 2022, based on a 20-year life ($1,800 amortization). The goodwill has an indefinite life. Prepare all journal entries necessary to correct any errors made during 2022. Assume the books have not yet been closed for 2022. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) 1. No. Account Titles and Explanation (To correct the error made in recording research and development costs) Debit Credit

Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by Riverbed Corporation. 1. Riverbed developed a new manufacturing process, incurring redearch and development costs of $177,000. The company also purchased a patent for $58,200. In early January, Riverbed capitalized $235,200 as the cost of the patents. Patent amortization expense of $11,760 was recorded based on a 20 -year useful life. 2. On July 1,2022, Riverbed purchased a small company and as a result recorded goodwill of $72,000. Riverbed recorded a halfyear's amortization in 2022, based on a 20-year life (\$1,800 amortization). The goodwill has an indefinite life. Prepare all journal entries necessary to correct any errors made during 2022. Assume the books have not yet been closed for 2022. (Credit occount titles are outomotically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the omounts.)