Account Titles and Explanation Date Debit Credit enter an account title to record amortization of patents on December 31 enter a credit enter a debit Dec. 31 amount amount enter an account title to record amortization of enter a debit enter a credit patents on December 31 amount amount (To record amortization of patents) enter an account title to record amortization of Dec. copyrights on December 31 31 enter a debit enter a credit amount amount enter an account title to record amortization of copyrights on December 31 enter a debit enter a credit amount amount (To record amortization of copyrights) Display Sett IneererLe Maiings Review View Help Faxit PDF Design Layout Tell me what you want to do A A Aa - AaBbCcD AaBbCcDc AaBbC AaBbCcC AaBbCc) A A T Normal T No Spac... Heading 1 Heading 2 Heading 4 Paragraph Styles 6 The intangible assets section of Indigo Corporation's balance sheet at December 31, 2017, is presented here. Patents ($74,600 cost less $7,460 amortization) Copyrights ($40,500 cost less $28,350 amortization) $67,140 12,150 Total $79,290 The patent was acquired in January 2017 and has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2018. 2 Paid $36,000 legal costs to successfully defend the patent against infringement by another company. Jan. Jan.- June Developed a new product, incurring $241,500 in research and development costs. A patent was granted for the product on July 1, and its useful life is equal to its legal life. Legal and other costs for the patent were $20,000. 1 Paid $42,500 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October. 1 Acquired a copyright for $255,000. The copyright has a useful life and legal life of 50 Sept. Oct. years. Account Titles and Explanation Date Debit Credit choose a transactionenter an account title enter a debit amount enter a credit date amount Patents Jan. 2 36000 enter a debit enter an account title enter a credit amount amount Cash 36000 Display Settings 1Normal T No Spac... Heading 1 Heading 2 Headin Paragraph Styles Account Titles and Date Debit Explanation Credit choose a transaction enter an account title enter a debit amount 36000 enter a credit amount date Patents Jan. 2 enter a debit enter a credit amount enter an account title amount Cash 36000 choose a transaction enter an account title enter a debit enter a credit date amount amount Research a Jan-June 241500 enter a credit amount enter a debit enter an account title amount Cash 241500 choose a transaction enter an account title date enter a debit enter a credit amount amount Patents July 1 20000 enter a debit amount enter a credit enter an account title amount Cash 20000 choose a transaction enter an account title date enter a debit amount 42500 enter a credit amount Advertising Sept 1 Display Settings 21 AaBbCcD AaBbCcD AaBbC AaBbCcC A 1- T Normal T No Spac... Heading 1 Heading 2 Paragraph Styles 4 6 moose a transaction enter an account title enter a debit enter a credit date amount amount Advertising Sept 1 42500 enter a debit enter a credit enter an account title amount amount Cash 42500 choose a transaction enter an account title date enter a debit enter a credit amount amount Copyrights Oct. 1 255000 enter a debit amount enter a credit enter an account title amount Cash 255000 Display
