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. Instructions (a) Prepare the journal entry for the $325,000 expenditure on the research project in 2018 (b) Prepare the journal entry to record the development costs (from January 1 - June 30) of $74,000. (c) Prepare the journal entry to record the administrative and legal expenses $24,000 in obtaining patent number 472-1001-84 on July 1 2019