Problem 1 Margaret Avery Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2018, the company incurred $325,000 on a research project, but by the end of 2018 it is impossible to determine whether any benefit will be derived from it. However, Economic viability criteria was achieved on July 1, 2019. A successful patent was obtained on July 1, 2019. The research project was completed on July 1, 2019. Margaret uses straight line method to compute the amortization and the amortization policy is to compute the partial year amortization based on the round to the nearest month. (d) Prepare the journal entry to record the development costs of $36,000 incurred on July 1, 2019 after achieving the economic viability criteria. (e) Prepare the journal entry (if any) to record the amortization of patent for the year 2019. The patent has an expected useful life of 5 years. (1) On December 31, 2020, the company successfully defends the patent in extended litigation at a cost of $45,000, thereby extending the patent life to December 31, 2027. Prepare the journal entries for the costs incurred in 2020. (9) Prepare the journal entry (if any) to record the amortization of patent on December 31, 2020.( based on the changes in accounting estimates on December 31, 2020)