During 2016, Novak Corporation spent $158,400 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 $18,000 related to the patent were incurred as of October 1, 2016. Your answer is partially correct. Prepare all journal entries required in 2016 and 2017 as a result of the transactions above. (Credit account titles are automatically indented Date Account Titles and Explanation Credit Debit 158,400 2016 Research and Development Expense 158,400 Cash 158,400 (To record research and development expenses) 2016 Patents 18,000 Cash 18,000 (To record legal expenses) 2016 Amortization Expense 450 Patent Expense 450 (To record amortization expense) 2017 Amortization Expense 3240 Patents 3240 On June 1, 2018, Novak 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. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit 2018 Patents 9,480 Cash 9,480 (To record patents) 2018 Amortization Expense (To record amortization expense) 2019 Amortization Expense Patents In 2020, Novak 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 O for the amounts.) Account Titles and Explanation Debit Credit