A copyright (#1) was acquired on January 1, 2019, and has a useful life of four years. The trademarks were acquired on January 1, 2017, and are expected to have an indefinite lite. The company has a December 31 year end and prepares adjusting journal entries annually The following cash transactions may have affected intangible assets and goodwill during 2021: Jan. 5 Paid $7,370 in legal costs to successfully defend the trademarks against infringement by another company July 1 Developed a new product, incurring $219,600 in research and $50,000 in development costs with probable future benefits. The product is expected to have a useful life of 20 years. Sept. Pald $58,000 to a popular hockey player to appear in commercials advertising the company's products. The commercials will air in early September. Acquired another copyright (#2) for $180,000. The new copyright has a useful life of six years. Dec Determined the fair value of the goodwill to be $84.980. There was no indication that the copyrights or trademarks were impaired. 1 Oct. 1 31 Prepare any adjusting journal entries required at December 31. (list all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually Round answers to decimal places, es: 5,275. Il no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Dec Impairment loss 31 41470 Goodwill 41470 (To record amortization on copyrights acquired on January 1, 2019) Amortization Expense Dec 31 8145 Accumulated Amortization Copyrights (To record amortization on copyrights acquired on October 1, 2021) Amortization Expense 11250 Dec. 31 Accumulated Amortiration (To record amortization expense on development cost) Amortization Expense 12.50 Dec 31 Accumulated Amortization Your answer correct Prepare journal entries to record the above transactions (List all debit entries before credit entries Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Enty for the account titles and enter for the amounts. Recordjoumal entries in the order presented in the problem) Account Titles and Explanation Credit Trademarks Date Debit Jans v 7370 Cash 7370 July 1 v Research Expenses 219800 219600 Cash (To record research expense) Development Costs July 1 50000 Cash 50000 (To record development costs) Advertising Expense Sept. 1 58000 58000 Oct 1 Copyrights 180000 150000 A copyright (#1) was acquired on January 1, 2019, and has a useful life of four years. The trademarks were acquired on January 1, 2017, and are expected to have an indefinite lite. The company has a December 31 year end and prepares adjusting journal entries annually The following cash transactions may have affected intangible assets and goodwill during 2021: Jan. 5 Paid $7,370 in legal costs to successfully defend the trademarks against infringement by another company July 1 Developed a new product, incurring $219,600 in research and $50,000 in development costs with probable future benefits. The product is expected to have a useful life of 20 years. Sept. Pald $58,000 to a popular hockey player to appear in commercials advertising the company's products. The commercials will air in early September. Acquired another copyright (#2) for $180,000. The new copyright has a useful life of six years. Dec Determined the fair value of the goodwill to be $84.980. There was no indication that the copyrights or trademarks were impaired. 1 Oct. 1 31 Prepare any adjusting journal entries required at December 31. (list all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually Round answers to decimal places, es: 5,275. Il no entry is required, select "No Entry for the account titles and enter for the amounts.) Debit Credit Date Account Titles and Explanation Dec Impairment loss 31 41470 Goodwill 41470 (To record amortization on copyrights acquired on January 1, 2019) Amortization Expense Dec 31 8145 Accumulated Amortization Copyrights (To record amortization on copyrights acquired on October 1, 2021) Amortization Expense 11250 Dec. 31 Accumulated Amortiration (To record amortization expense on development cost) Amortization Expense 12.50 Dec 31 Accumulated Amortization Your answer correct Prepare journal entries to record the above transactions (List all debit entries before credit entries Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Enty for the account titles and enter for the amounts. Recordjoumal entries in the order presented in the problem) Account Titles and Explanation Credit Trademarks Date Debit Jans v 7370 Cash 7370 July 1 v Research Expenses 219800 219600 Cash (To record research expense) Development Costs July 1 50000 Cash 50000 (To record development costs) Advertising Expense Sept. 1 58000 58000 Oct 1 Copyrights 180000 150000