Part D. Comprehensive Questions Application /30 Marks 1. Chernomyrdin Company incurred research costs of $200,000 and successful development costs of $500,000 in 2001 in developing a new product that the company was able to patent. The company F expects the product to be useful for 10 years. Prepare the necessary journal entries during 2001 to record these events and any adjustments at year end on December 31, 2001. (6M)