During 2016, Ayayai Corporation spent $175.680 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, 2016, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $49.680 related to the patent were incurred as of October 1, 2016. (a) Your answer is correct. Prepare all journal entries required in 2016 and 2017 as a result of the transactions above. (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.) ) Debit Credit Date Account Titles and Explanation 2016 Research and Development Expense 175680 Cash 175680 (To record research and development expenses) 2016 Patents 49680 Cash 49680 (To record legal expenses) 2016 Amortization Expense 1242 Patents 1242 (To record amortization expense) 2017 Amortization Expense 4968 Patents 4968 e Textbook and Media List of Accounts Attempts: 1 of 3 used (b) Your answer is partially correct. On June 1, 2018. Ayayai spent $10.440 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1. 2018. Prepare all journal entries required in 2018 and 2019. (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.) Debit Credit Date Account Titles and Explanation 2018 Patents 10440 Cash 10440 (To record patents) 2018 Amortization Expense 4686 Patents 4686 (To record amortization expense) 2019 Amortization Expense 4484 Patents 4484