During 2010, George Winston Corporation spent $164,350 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, 2010, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $26,880 related to the patent were incurred as of October 1, 2010.

Prepare all journal entries required in 2010 and 2011 as a result of the transactions above.

On June 1, 2012, Winston spent $12,120 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1, 2012. Prepare all journal entries required in 2012 and 2013.

In 2014, Winston determined that a competitors product would make the New Age Piano obsolete and the patent worthless by December 31, 2015. Prepare all journal entries required in 2014 and 2015.