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Question - 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.

Show all journal entries required in 2016 and 2017 as a result of the transactions above.

On June 1, 2018, Blue spent $11,880 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1, 2018. Show all journal entries required in 2018 and 2019.

In 2020, Blue determined that a competitor's product would make the New Age Piano obsolete and the patent worthless by December 31, 2021. Show all journal entries required in 2020 and 2021.

Reference no: EM132608370

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