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Exercise 12-09 During 2016, Blue Corporation spent $177,120 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2016, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $49,680 related to the patent were incurred as of October 1, 2016. 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.) Date Account Titles and Explanation Debit Credit 2016 Research and Developmen 1 177120 1 Cash 177120 (To record research and development expenses) 2016 Patents 1 Cash 49680 (To record legal expenses) 2016 Amortization Expense 1242 Patents (To record amortization expense) 2017 Amortization Expense 12421 49681 Your answer is partially correct. Try again. On June 1, 2018, Blue spent $11,880 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 tities 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.) Debit Credit Date Account Titles and Explanation 2018" Patents 11880 11880 I Cash (To record patents) 2018 Amortization Expense I 4760.631 4760.63 1 Patents (To record amortization expense) 2019 Amortization Expense 4612.57 T Patents 4612.5 CALCULATOR PRINTER VERSION SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Your answer is partially correct. Try again. In 2020, Blue determined that a competitor's product would make the New Age Piano obsolete and the patent worthless by December 31, 2021. Prepare all journal entries required in 2020 and 2021. (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.) Account Titles and Explanation Debit Credit Amortization Expense enseT T 4 8046.87T Patents 48046.87 Click if you would like to Show Work for this question: Open Show Work