Part B

CALCULATOR PULL SCREEN PRINTER VERSION BACK NEXT ES Exercise 12-09 (Part Level Submission) During 2016, Novak Corporation spent $158,400 in research and development costs. As a result, a new product called the New Age Plano was patented. The patent was obtaired on October 1, 2016, and had a legal lite of 20 years and a useful life of 10 years. Legal costs of $18.000 related to the patent were incurred as of October 1, 2016. v (a) Your answer is correct. Prepare all journal entries required in 2016 and 2017 as a result of the transactions above. (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.) dy Date Account Titles and Explanation Debit Credit 2016 TResearch and Developmen 158400 158400 Cash (To record research and development expenses) 2016 TPatents 18000 18000 Cash (To record legal expenses) 2016 TAmortization Expense 450 Patents 450 (To record amortization expense) 2000-2019 John Wiev & Sons, Inc. All Rights Reserved. A Division of John Wiey &Sens. Jnc. Version 4.24.17.1 Privacy Policy PRINTER VERSION CALCULATOR FULL SCREEN BACK (To record research and development expenses) 2016 TPatents 18000 Cash 18000 (To record legal expenses) 2016 TAmortization Expense 450 Patents 450 (To record amortiration expense) 2017 Tamortization Expense 1800 Patents 1800 Click if you would like to Show Work for this question: Open Show Work SHOW On June 1, 2018, Novak spent $9,480 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1, 2018. Prepare all journal entries required in 2018 and 2019. (Credit account titles are automatically indented when amount is entered. De not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit 2018 TPatents 9480.00 9480.00 Cash (To record patents) 2018 Tamortization Expense 1583.23 1583.23 Patents (To record amortization expense) 2019 Tamortization Expense 2071.25 Catents 2071.25 Patants Click if yol like to Show Work for this question: Open Show Werk