View Policies Show Attempt History Current Attempt in Progress a During 2016, Blue Corporation spent $177.120 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 life of 20 years and a useful life of 10 years. Legal costs of $49,680 related to the patent were incurred as of October 1, 2016. c (c) Your answer is partially correct. In 2020, Blue determined that a competitor's product would make the New Age Piano obsolete and the patent worthless by December 31, 2021. Prepare all journal entries required in 2020 and 2021. (Credit account titles are automatically Indented when amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Account Titles and Explanation Debit Credit Amortization Expense 35,300 Patents 35,300