During 2021, Swifty Corporation spent $174,240 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 $49,680 related to the patent were incurred as of October 1, 2021. (a) (b) (c) - Your answer is partially correct. In 2025, Swifty 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 2026 Patents Amortization Expense Patents Debit 1242 4968 Credit 1242 4968