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In: AccountingJE to Record R&D and Patent6. During 2010, Bills Corporation spent $170,000 in research and...JE to Record R&D and Patent6. During 2010, Bills Corporation spent $170,000 in research anddevelopment costs. As a result, a new product called the New AgePiano was patented. The patent was obtained on October 1, 2010, andhad a legal life of 20 years and a useful life of 10 years. Legalcosts of $18,000 related to the patent were included as of October1, 2010.(a) Prepare all journal entries in 2010 and 2011 as a result ofthe transactions above.(b) On June 1, 2012, Bills spent $9,480 to successfullyprosecute a patent infringement suit. As a result, the estimate ofuseful life was extended to 12 years from June 1, 2012. Prepare alljournal entries required in 2012 and 2013.(c) In 2014, Bills determined that a competitor’s product wouldmake the New Age Piano obsolete and the patent worthless byDecember 31, 2015. Prepare all journal entries required in 2014 and2015.