Describe the correct answer and defend why it was correct. For instance, the transaction would have increased accounts payable because it increased something the company owed. The accounts payable account is credited because liabilities are increased with a credit entry. For calculation problems enter the calculation leading up to the solution. For more essay type problems refer back to the sources as to why it is correct. 13. The legal life of a patent is: Selected Answer: B. Life of the inventor + 50 years. Answers: Forty years. B. Life of the inventor + 50 years. Unlimited D. Twenty years