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CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 12-09 (Part Level Submission) During 2016, Novak Corporation spent $150,400 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 ife of 20 years and a useful life of 10 years. Legal costs of $18,000 related to the patent were incurred as of October 1, 2016. - (a) O Your answer is 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. De not indent manually. If ne entry is required, select "No Entry" for the account titles and enter o for the ameunts.) Date Account Titles and Explanation Debit Credit 2016 TResearch and Develepmen 158400 Cash 158400 (To record research and developmert expenses) 201 Tratents 18000 Cash 18000 (To record kegal expenses) 2016 Tamortization Expense 450 Patents 450 (To record amertization expense) 2017 Tamortizatien Fnense CALCULATOR 2016 FULL SCREEN PRINTER VERSIO Research and Developmen 158400 Cash 158400 (To record research and development expenses) 2016 TPatents 18000 Cash 18000 (To record legal expenses) 2016 TAmortization Expense 450 Patents 450 (To record amortization expense) 2017 TAmortization Expense 1800 Patents 1800 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OoF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TFV - (b) On June 1, 2018, Novak spent $9,480 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. De not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit 2018 (To recond patents) 2018 (To record amortization experse) 2019 Click if you would ike to Show Work for this questicn: Open Show Work SHOW LIST OF ACCOUNTS