11. The intangible assets section of Justen Company at Dec 31, 2008 is presented below Patent ($60000 cost less $6000 amortization) 54000 Copyright ($36000 cost less $14400 Amortization) 21600 Total 75600 The patent was acquired in January 2008 and has a useful life of 10 years. The copyright was acquired in Jan 2005 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2009. Jan 2 Paid $27000 legal cost to successfully defend the patent against infringement. Jan-June Developed a new product, incurring $140000 in research and devlopement costs. Sept 1 Paid $75000 to a quarterback to appear in commercial advertising the company's products. Oct 1 Acquired a copyright for 120000. The copyright has a useful life 50 Years