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) 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 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) (b) Date 2021 2021 2022 Account Titles and Explanation Research and Development Expense Cash (To record research and development expenses) Patents Cash (To record legal expenses) Amortization Expense Patents (To record amortization expense) Amortization Expense Patents eTextbook and Media List of Accounts Your answer is correct. Debit 174240 49680 1242 4968 Credi Attempts: 2 of 3 used On June 1, 2023, Swifty 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 O for the amounts. List all debit entries before credit entries. Record entries in the order displayed in the problem statement.) (c) Date 2023 2023 2024 Account Titles and Explanation Patents Cash (To record cost of infringement suit) Amortization Expense Patents (To record amortization expense) Amortization Expense Patents eTextbook and Media List of Accounts Your answer is partially correct. Debit 9000 4520 4200 Credit Assistance Used Attempts: 1 of 3 used 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.) Account Titles and Explanation Amortization Expense Debit Credit 1242 Patents Amortization Expense Patents 4968 1242 4968