Acquisition and Amortization of Intangible Assets TLM Technologies had these transactions related to intangible assets during the year. Jan. 2 Purchased a patent from Luna Industries for $200,000. The remaining legal ife of the patent is 15 years, and TLM expects the patent to be useful for 8 years. Jan. 5 Paid legal fees in a successful legal defense of the patent of $80,000. June 29 Registered a trademark with the federal government. Registration costs were $12,300. TLM expects to use the trademark indefinitely. Sept. 2 Paid research and development costs of $500,000. Required: 1. Prepare the fournal entries necessary to record the transactions. If no entry is required, select "No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leove it blank. 2. Prepare the entries necessary to record amortization expense for the intangible assets, If no entry is required, select "No entry required" and leave the amount boxes blank. If an amount box does not require an entry, leave it blank. Feedonck Toheck My Work 2. The cost of an intangible asset with a finite life should be amortized. If an intangible asset is determined to have an ind sinite life, it is not amortized but is reviewed at least annually for impairment. 3. What is the balance of the intanglble assets at the end of the year? Patent Trademark x