Exercise 12-9 During 2013, Bridgeport Corporation spent $148,320 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, 2013, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $23,760 related to the patent were incurred as of October 1, 2013. Prepare all journal entries required in 2013 and 2014 as a result of the transactions above. (Round answers to 0 decimal places, e.g. 8,564. 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit 2013 (To record research and development expenses) 2013 (To record legal expenses) 2013 (To record amortization expense) 2014 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT On June 1, 2015, Bridgeport spent $12,960 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1, 2015. Prepare all journal entries required in 2015 and 2016. (Round answers to 0 decimal places, e.g. 8,564. 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit 2015 (To record patents) 2015 (To record amortization expense) 2016 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT In 2017, Bridgeport determined that a competitor’s product would make the New Age Piano obsolete and the patent worthless by December 31, 2018. Prepare all journal entries required in 2017 and 2018. (Round answers to 0 decimal places, e.g. 8,564. 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 0 for the amounts.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work please answer all parts of the question.

Exercise 12-9 During 2013, Bridgeport Corporation spent $148,320 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, 2013, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $23,760 related to the patent were incurred as of October 1, 2013. Prepare all journal entries required in 2013 and 2014 as a result of the transactions above. (Round answers to 0 decimal places, e.g. 8,564. 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit 2013 (To record research and development expenses) 2013 (To record legal expenses) 2013 (To record amortization expense) 2014 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT On June 1, 2015, Bridgeport spent $12,960 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1, 2015. Prepare all journal entries required in 2015 and 2016. (Round answers to 0 decimal places, e.g. 8,564. 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit 2015 (To record patents) 2015 (To record amortization expense) 2016 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT In 2017, Bridgeport determined that a competitor’s product would make the New Age Piano obsolete and the patent worthless by December 31, 2018. Prepare all journal entries required in 2017 and 2018. (Round answers to 0 decimal places, e.g. 8,564. 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 0 for the amounts.) Account Titles and Explanation Debit Credit Click if you would like to Show Work for this question: Open Show Work please answer all parts of the question.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Exercise 12-9

During 2013, Bridgeport Corporation spent $148,320 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, 2013, and had a legal life of 20 years and a useful life of 10 years. Legal costs of $23,760 related to the patent were incurred as of October 1, 2013.

Prepare all journal entries required in 2013 and 2014 as a result of the transactions above. (Round answers to 0 decimal places, e.g. 8,564. 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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
2013

	(To record research and development expenses)
2013

	(To record legal expenses)
2013

	(To record amortization expense)
2014

SHOW LIST OF ACCOUNTS

LINK TO TEXT

On June 1, 2015, Bridgeport spent $12,960 to successfully prosecute a patent infringement suit. As a result, the estimate of useful life was extended to 12 years from June 1, 2015. Prepare all journal entries required in 2015 and 2016. (Round answers to 0 decimal places, e.g. 8,564. 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 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
2015

	(To record patents)
2015

	(To record amortization expense)
2016

SHOW LIST OF ACCOUNTS

LINK TO TEXT

In 2017, Bridgeport determined that a competitor’s product would make the New Age Piano obsolete and the patent worthless by December 31, 2018. Prepare all journal entries required in 2017 and 2018. (Round answers to 0 decimal places, e.g. 8,564. 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 0 for the amounts.)

Account Titles and Explanation	Debit	Credit

Click if you would like to Show Work for this question:

Open Show Work

please answer all parts of the question.

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