During 2021, Culver Corporation spent $169,920 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 $45,360 related to the patent were incurred as of October 1, 2021. (a) In 2025, Culver determined that a competitor's product would make the New Age Piano obsolete and the patent worthless by December 31, 2026. Prepare all journal entries required in 2025 and 2026. (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 List debit entry before credit entry.) Date Account Titles and Explanation 2025 Amortization Expense Patents 2025 v Amortization Expense Patents eTextbook and Media Debit 3960 3960 Credit 3960 3960 During 2021, Culver Corporation spent $169,920 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 $45,360 related to the patent were incurred as of October 1, 2021. (a) Your answer is correct. Prepare all journal entries required in 2021 and 2022 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 Entru" from th amounts. List all debit entries before credit entries, Rernet (b) Your Answer Correct Answer Your answer is correct. npts: unlimit On June 1, 2023, Culver spent $9,720 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 223 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 O for the amounts. List all debit entries before credit entries. Record entries in the order displayed in the problem statement.) Date Account Titles and Explanation 2023- Patents 2023- 2024 Cash (To record cost of infringement suit) Amortization Expense Patents (To record amortization expense) Amortization Expense Debit Credit 9720 4200 9720 4200 (c) Your answer is partially correct. In 2025, Culver determined that a competitor's product would make the New Age Piano obsolete and the patent worthless by December 31, 2026. Prepare all journal entries required in 2025 and 2026. (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. List debit entry before credit entry.) Date Account Titles and Explanation 2025 2025 v Amortization Expense Patents Amortization Expense Patents Debit 3960 3960 Credit 3960 3960