Research and Development and Patents Erin Company incurred the following costs during 2017 and 2018: a. Research and development costing $20,000 was conducted on a new product to sell in future years. A product was successfully developed, and a patent for it was granted during 2017. Erin is unsure of the period benefited by the research, but believes the product ill result in increased sales over the next five years b. Legal costs and application fees of $14,600 for the 20-year patent were incurred on January 1, 2017 C. A patent infringement suit was successfully defended at a cost of $8,000. Assume that all costs were incurred on January 1, 2018. Required: Determine how the costs should be presented on Erin's financial statements as of December 31, 2017 and January 1, 2018. Also determine the amourt of amortization of intangible assets that Erin should record in 2017 and 2018. Appearing in Dec. 31, 2017 (after any applicable amortization) Amount Reported a. Research and development costs b. Patent legal and application costs January 1, 2018 c. Patent infringement lawsult Amount Reported 2017 intangible assets amortization 2018 intangible assets amortization