Problem 7 (10 points) Asia Co. purchases a patent from Berlin Co. on January 1, 2015, for $160,000. The patent has a remaining legal life of 16 years. Asia feels the patent will be useful for 10 years, Assume that in January 2017 Asia spends $60,000 unsuccessfully defending the patent suit. A. Prepare the journal entries for 2017. B. Assume the same facts as above, except Asia successfully defends its patent. Prepare all the necessary journal entries for 2017