The following facts apply to a patent created by PETE TOWNSEND Company for a new guitar varnish mixture. a. During 2019, the company received a patent on a new varnish mixture for guitars. The company incurred $505,000 in costs during the development of the mixture. The legal costs incurred to obtain the patent were $5,000. Due to the nature of the mixture, PETE TOWNSEND determined the patent would have an infinite life. b. During 2020, the company incurred $160,000 in legal fees defending the patent. PETE's lawyers were unsuccessful with the defense of the patent. c. During 2021, the company incurred $240,000 in legal fees defending the patent. PETE's lawyers were successful in defending their patent. Required: Write a journal entry to report each of the transactions above. (Note: You will have 3 journal entries.) Date Account Debit Credit 2019 Cash Date Account Debit Credit 2019 Cash 2020 Cash 2021 Cash