During 2021, Concord Corporation spent

$168,480

in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1,2021, and had a legal life of 20 years and a useful life of 10 years. Legal costs of

$41,040

related to the patent were incurred as of October 1, 2021.\ (a).\ (b)\ On June 1,2023 , Concord spent

$9.000

to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1,2023. Prepare all journal entries required in 2023 and 2024. (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 0 for the amounts. List all debit entries before credit entries. Record entries in the order displayed in the problem statement.)\ Date\ 2023\ Account Titles and Explanation\ (To record cost of infringement suit)\ Debit\ Credit\ (To record amortization expense)\ eTextbook and Media\ List of Accoun\ (III)\ Last saved 1 second ago.\ Assistance Used\ Attempts: 0 of 4 used\ Saved work will be auto-submitted on the due date. Autosubmission can take up to 10 minutes.

During 2021, Concord Corporation spent $168,480 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1,2021, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $41,040 related to the patent were incurred as of October 1,2021. (b) On June 1,2023 , Concord spent $9,000 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1, 2023. Prepare all journal entries required in 2023 and 2024. (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 0 for the amounts. List all debit entries before credit entries. Record entries in the order displayed in the problem statement.) eTextbook and Media Last saved 1 second ago. Attempts: 0 of 4 used Saved work will be auto-submitted on the due date. Autosubmission can take up to 10 minutes