Exercise 12-09 (Part Level Submission) During 2016, Bridgeport Corporation spent $148,320 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 $23,760 related to the patent were incurred as of October 1, 2016. (a) Your answer is correct. Prepare all journal entries required in 2016 and 2017 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 0 for the amounts.) Date Account Titles and Explanation 2016 Research and Developmen Cash Debit 148320 Credit 148320 (To record research and development expenses) 2016 Patents Cash (To record legal expenses) 2016 Amortization Expense 23760 23760 594 Patents (To record amortization expense) 2017 Amortization Expense Patents 2376 Click if you would like to Show Work for this question: Open Show Work 594 2376