Question 7 of 9 2.24/7 E Your answer is incorrect. On June 1, 2018, Bramble spent $8,120 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 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 for the amounts.) Date Account Titles and Explanation Debit Credit 2018 Patents 8120 Cash 8120 (To record patents) 2018 Amortization Expense Patents (To record amortization expense) II II 11 00 2019 Amortization Expense Patent eTextbook and Media List of Accounts C L M During 2016, Bramble Corporation spent $178,560 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 $30,000 related to the patent were incurred as of October 1, 2016. Your answer is partially 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 for the amounts) Date Account Titles and Explanation Debit Credit 2016 Research and Development Expense 178560 Cash 178560 (To record research and development expenses) 2016 Patients 30000 Cash 30000 (To record legal expenses) 2016 Amortization Expense 750 Patents 250 (To record amortization expense) 2017 Amortization Expense 3000 In 2020. Bramble 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 dides 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 for the amounts.) Account Titles and Explanation Debit Credit Amortization Expende Patent e Texthnk and Media