Exercise 12-9 (Part Level Submission) During 2013, Sheffield Corporation spent $167,040 in research and development costs As a resuit, a new product called the New Age Plano was patented. The patent s obtained on October 1, 2013, and had a legal life of 20 years and a useful lfe of 20 years. Legal costs of $41,040 related to the patent were incurred as of October 1, 2013 E Your answer is correct Prepare all journal entries required in 2013 and 2014 as a result of the transactions above. (Round answers to 0 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) G Your answer is correct. On June 1, 2015, Sheffield spent $31,680 to successfuly prosecute a patent infringement sut. As a result, the estimate of useful life was extended to 12 years from June 1, 2015. Prepare all journal entries required in 2015 and 2016. (Round answers to 0 decimal places, e.g. 8.564. Credit account titles are automatically ndented when amount is entered. Do not indent manuallty, If mo entry is required, select "No Entry" for the account titles and enter O for the amounts) Your answer is partially correct. Try again. In 2017, Sheffield determined that a competitor's product would make the New Age Piano obsolete and the patent worthless by December 31, 2018. Prepare all jourmal entries required in 2017 and 2018 (Round answers to 0 decimal places, e.g. 8,564. Credit account bitles are automatically indented when mount is entered. Do not indent manually. If no entry is required, select No Entry for the account titles and enter O for the amounts. ) During 2013, Sheffield Corporation spent $167,040 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 $41,040 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 Acceest Titles and Esplanation 2013 and Expense 167040 Cash 16 To recond research and development espenses) 2013 41040 Cash 41040 To rocord legal espenses 2013 Expense 1026 Patents To recond amortization expense) 4104 Patents 4104 Click if you would like to Show Work for this question: Open Show Work Your answer is correct. On June 1, 2015, Sheffield spent $31,680 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1, 2015. Prepare all journal entries required in 2015 and 2016. (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 O for the amounts.) Date Accsent Titles Esplesatisn 015 31680 Cash Expense To ecod ant tization Expense 5490 Click if you would like to Show Work for this question: Open Show Work 2Your answer is partially correct. Try again. In 2017, Sheffield determined that a competitor's product would make the New Age Piano obsolete and the patent worthless by December 31, 2018. Prepare all journal entries required in 2017 and 2018. (Round answers to 0 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 for the amounts.) Account Titles and Explanation Expense Click if you would like to Show Work for this question: Open Show Work