$ 82,500 The intangible assets and goodwill reported by Sandhill Company at December 31, 2023, follow: Patent #1 Less: Accumulated amortization 16,500 $ 66,000 Copyright #1 41,400 Less: Accumulated amortization 24,840 16,560 Goodwill Total 209,000 $ 291,560 Patent #1 was acquired in January 2022 and has an estimated useful life of 10 years. Copyright #1 was acquired in January 2018 and also has an estimated useful life of 10 years. The following cash transactions may have affected intangible assets and goodwill during the year 2024: Jan. 2 June 30 Paid $23,200 of legal costs to successfully defend Patent #1 against infringement by another company. Developed a new product, incurring $174,000 in research costs and $52,320 in development costs, which were paid in cash. The development costs were directly related to Patent # 2, which was granted for the product on July 1. Its estimated useful life is equal to its logal life of 20upa