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During 2016, Sarasota Corporation spent $164,160 in research and development costs. As a result, a new product called the New Age Piano was patented. The

During 2016, Sarasota Corporation spent $164,160 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 $36,720 related to the patent were incurred as of October 1, 2016.

(a)

Prepare all journal entries required in 2016 and 2017 as a result of the transactions above.

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