In 2021. Space Technology Company modified its model Z2 satellite to incorporate a new communication device. The company made the following expenditures: Basic research to develop the technology Engineering design work Development of a prototype device Acquisition of int Testing and modification of the prototype Legal and other fees for patent lication on the comunication system Legal fees for successful defense of the new patent Total $2,550,000 790.000 410,000 71,000 310,000 51.000 21000 14,213,000 The equipment will be used on this and other research projects. Depreciation on the equipment for 2021 is $21000, During your year-end review of the accounts related to intangibles. you discover that the company has capitalized all of the above as costs of the patent Management contends that the device simply represents an improvement of the existing communication system of the satellite and therefore, should be capitalized Required: Prepare correcting entries that reflect the appropriate treatment of the expenditures (If no entry is required for a transaction/event. select "No journal entry required in the first account field.) Journal entry worksheet Record the correcting entry for R&D costs. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Record entry Clear entry View general journal Journal entry worksheet Record the correcting entry for the equipment, if any. Note: Enter debits before credits. General Journal Debit Transaction 2 Credit Record entry Clear entry View general journal Journal entry worksheet Record the correcting entry to record depreciation on equipment used in R&D projects. Note: Enter debits before credits. General Journal Debit Credit Transaction 3 Record entry Clear entry View general journal