Record the required entries for the following events for the Renfro Corporation, A medical Drug manufacturing company.If no entry is required at a particular date, write, "none needed."

1.March 15, 20X1, Renfro spent $3,000,000 cash to pay for labor and materials to develop a new Drug.

2.December 31, 20X1, record any required adjusting entry(s) for year end.

3.April 1, 20X2, Renfro's application for a patent was granted.Legal and registration costs incurred were $53,000 and paid for with cash.The patent runs for 20 years.The product has an estimated useful sales life of 5 years.

4.December 31, 20X2, record any required adjusting entry(s) for year end.

5.January X3, 20X3 Renfro paid $200,000 cash for legal fees in an successful patent defense.

6.December 31, 20X3, Renfro does year end adjusting entries