Exercise 12-16 (Part Level Submission) Wildhorse Company from time to time embarks on a research program when a special proje Seems to offer possibilities. In 2016, the company expends $330,500 on a research project, but by the end 2016 it is impossible determine whethe any benefit wi be derived from it. (b) completed in 2017, and a successful patent is obtained. The R&D costs to complete the project are $120,500. The administrative and legal expenses incurred The project in obtaining patent number 472-1001-84 in 2017 total $18,100. The patent has an expected useful life of 5 years. Record these costs in journal entry form. Also, record patent amortization (full year) in 2017. (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.) Debit Credit Account Titles and Explanation (To record research and development costs) (To record legal and administrative costs) (To record one year's amortization expense)