During 2013, Winston Corporation spent $170,000 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, 2013, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $18,000 related to the patent were incurred as of October 1, 2013. Your answer is partially correct. Try again. Prepare all journal entries required in 2013 and 2014 as a result of the transactions above. (Round answers to O decimal places, e.g. 8,564 Credit account titles are automatically indented when amount is entered. Do not indent manually. II no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit 2013 Patents (To record research and development expenses) 2013 Patent Expense Patents (To record legal expenses) 2013 Patent Expense Patents (To record legal expenses) 2013 Patent Expense Patents To record amartization expense) 2014 Patent Expense Patents Your answer is incorrect. Try again. On June 1, 2015, Winston spent $9,480 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1, 2015. Prepare all journal entries required in 2015 and 2016. (Round answers to O decimal places, e.g. 8,564. 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.) Debit Credit Date Account Titles and Explanation 2015 On June 1, 2015, Winston spent $9,480 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1, 2015. Prepare all journal entries required in 2015 and 2016. (Round answers to 0 decimal places, e.g. 8,564. Credit 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 O for the amounts.) Date Account Titles and Explanation Debit Credit 2015 (To record patents) 2015 (To record amortization expense) 2016 CALCULATOR PRINTER VERSION BACK NEXT 2016 3Your answer is incorrect. Try again. In 2017, Winston determined that a competitor's product would make the New Age Piano obsolete and the patent worthless by December 31, 2018. Prepare all journal entries required in 2017 and 2018. (Round answers to 0 decimal places, e.g.8,564. 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 for the amounts.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Qpen Show Work
