Exercise 12-9 During 2013, 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, 2013, 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, 2013 Your answer is correct. Prepare all journal entries required in 2013 and 2014 as a result of the transactions above. (Round answers to O decimal places, e.g. 8,564. 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 2013 Rescarch and Development Expense Credit 174240 cash 174240 (To record research and development expenses) ans 2013 Patents 49680 Cash 49680 To record legal expenses) 2013 Amortization Expense 1242 Patents 1242 To record amortization expense)