During 2016, Bridgeport Corporation spent $148,320 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 $23.760 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.) Date Account Titles and Explanation Debit Credit 2016 Research and Development Expense 148320 Cash 148320 (To record research and development expenses) 2016 Patents 23760 23760 ch Research and Development Expense 148320 Cash 148320 (To record research and development expenses) Patents 23760 Cash 23760 (To record legal expenses) Amortization Expense 594 Patents 594 To record amortization expense) Amortization Expense 2376 On June 1, 2018, Bridgeport 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.) Date Account Titles and Explanation Debit Credit 2018 (To record patents) 2018 (To record amortization expense) 2019 In 2020, Bridgeport determined that a competitor's product would make the New Age Piano obsolete and the patent worthless by December 31, 2021. Prepare all journal entries required in 2020 and 2021. (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