E12-10B (Accounting for Patents) During 2008 Burks Corporation spent $510000 in

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    E12-10B (Accounting for Patents) During 2008 Burks Corporation spent $510000 in research and developmentcosts. As a result a new product called the New Age Piano was patented. The patent was obtained on October 1 2010 and had a legal life of 20 years and a useful life of 10 years. Legal costs of $54000 related to the patent were incurred as of October 1 2010.Instructions(a) Prepare all journal entries required in 2010 and 2011 as a result of the transactions above.(b) On June 1 2012 Burks spent $28440 to successfully prosecute a patent infringement. As a result the estimate of useful life was extended to 12 years from June 1 2010. Prepare all journal entries required in 2012 and 2013.(c) In 2014 Burks determined that a competitors product would make the New Age Piano obsolete and the patent worthless by December 31 2015. Prepare all journal entries required in 2014 and 2015.

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