During 2016, Beximco spent $170,000 in research and development costs. As a result, a new product called the Covaccine 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 $18,000 related to the patent were incurred as of October 1, 2016. Instructions a) Prepare all journal entries required in 2016 and 2017 as a result of the transactions above. b) On June 1, 2018, 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, 2018. Prepare all journal entries required in 2018 and 2019. c) In 2020, Winston determined that a competitor's product would make the Covaccine obsolete and the patent worthless by December 31, 2021. Prepare all journal entries required in 2020 and 2021