3.43/6 E Question 12 of 12 Current Progress The intangible assets section of blue Spruce Company at December 31, 2022, presented here Patents ($90/200 cost less 59.000 amortization) Franchises (547.700 coutea 510,000 amortization $81.000 28421 $109.620 Total The patent was acquired in January 2022 and has a useful life of 10 years. The franchise was acquired in January 2019 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023 Jan 2 Sept 1 Pald 534200 boyal costs to successfully defend the potent against infringement by another comany Paid $53.000 to an extremely targe defensive lineman to appear in commercial advertising the company's products. The commercials aired in September and October Acquired a franchise for $145.600. The franchise has a useful life of 50 years. Developed a new product, incurring 149.000 in research and development costs during December. A patent was wanted for the product on January 1, 2024 Oct 1 Nov Dec Question 12 of 12 3.43/6 = automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Date Credit an2 Patents 34200 Cash 34200 ent1 Advertising Expense 53000 Cash 53000 Sct. Franchises 141600 Cash 141600 an-June Research and Development Expense 149000 Cash 149000 MUESLUIT 3.43/6 Your answer is partially correct Prepare journal entries to record the 2023 amortization expense for intangible assets. (List all debit entries before credit entries Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. I no entry is required select "No Entry for the account titles and enter for the amount sate Account Titles and Explanation Debit Credit 31 Amintirion Experise 11530 Pants 12520 To record patents amortization) Amortation Expert TO 1860 To record franchise amortization) e Textbook and Media Question 12 of 12 3.4376 = Prepare the intangible assets section of the balance sheet at December 31, 2023 Blue Spruce Company Balance Sheet (Partial) $ e Textbook and Media List of Accounts Attempts: 0 of 5 used Submit Answer Save for Later