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Help needed with part B During 2021, Ayayai Corporation spent $144,000 in research and development costs. As a result, a new product cilled the New
Help needed with part B
During 2021, Ayayai Corporation spent $144,000 in research and development costs. As a result, a new product cilled 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 $17,400 related to the patent were incurred as of October 1,2021 Prepare all fournal entries required in 2021 and 2022 as a result of the transactions above. Gredit occount hitles ort automatically indented when amount is entered. Do not indent manualy if no entry bs required, select "No Entry" for the account tities and enter 0 for the amounts. List oll debit entries befare credit entries. Record entries in the order dhployed ia the problem stotement) On June 1.2023. Ayayai spent \$11.420 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 joumal entries required in 2023 and 2024, (Credlt account tides are outomaticolly 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 probiem stotement.) On June 1, 2023, Ayayai spent $11.420 to successfully prosecute a patent infringement suit. As a result, the estimate of usefullife was extended to 12 years from June 1, 2023. Prepare ail journal entries required in 2023 and 2024 . (Credit account bitles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount bities and enter O for the amounts. List all debit entries before credit entries. Record entries in the order displayed in the problem stotement.) Step by Step Solution
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