P9.8 (LO 4) Due to rapid turnover in the accounting department, a number of transactions involving intangible assets were improperly recorded by the Buek Industries in 2020. Prepare entries to correct errors made in recording and amortizing intangible assets. 1. Buek developed a new manufacturing process, incurring research costs of 97,000 and development costs prior to technological feasibility of 50.000. The company also purchased a patent for C60,000. In early January, Buek capitalized 207,000 as the cost of the patents. Patent amortization expense of 10,350 was recorded based on a 20-year useful life. 2. On July 1, 2020, Buek purchased a small company and as a result acquired goodwill of C80,000. Buek recorded a half-year's amortization in 2020, based on a 50-year life (C800 amortization). The goodwill has an indefinite life. Instructions Prepare all journal entries necessary to correct any errors made during 2020. Assume the books have not yet been closed for 2020. Research and Develop. Exp. 147,000 What if the books had been closed prior to discovering the errors. Would your correcting journal entries prepared for a) above change? If so, prepare the revised correcting entries