During 2016, Flounder Corporation spent $151,200 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 $19,200 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 Resarch and Development Expense 151.200 Cash 151.200 (To record research and development expenses) 2016 Paters 19200 Cash 19200 (To record legal expenses) 2016 Amortization Expanse 480 Patent 480 (To record amortization expense) 2017 Amortization Expande 1920 Patent 1920 e Textbook and Media List of Accounts Attempts: 1 of 3 used (b) Your answer is correct. On June 1, 2018, Flounder spent $9,920 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 Patenta 9920 Cash 9920 (To record patents) 2018 Amortization Expense 2050 2060 (To record amortization expense) 2019 Amortization Expense 2160 Datena 2160 2019 Amortization Expen 2150 2160 e Textbook and Media List of Accounts Attempts: 1 of 3 used Your answer is partially correct. In 2020, Flounder 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 Amortization Eque Patent e Textbook and Media List of Accounts Save for Later Attempts: 1 of 3 used Submit