P9-8B Due to rapid turnover in the accounting department a number of transaction

P9-8B Due to rapid turnover in the accounting department a number of transactions involvingintangible assets were improperly recorded by Wasp Company in 2011.1. Wasp developed a new manufacturing process incurring research and development costs of$110000.The company also purchased a patent for $50000. In early January Wasp capitalized$160000 as the cost of the patents. Patent amortization expense of $8000 was recorded basedon a 20-year useful life.2. On July 1 2011 Wasp purchased a small company and as a result acquired goodwill of$200000.Wasp recorded a half-years amortization in 2011 based on a 50-year life ($2000amortization).The goodwill has an indefinite life.InstructionsPrepare all journal entries necessary to correct any errors made during 2011. Assume the bookshave not yet been closed for 2011.