At Dec 31, 2016, Soda Co. reported the following long-term assets on its balance sheet.

Buildings are estimated to have 40 year useful life and 0 salvage value. Equipment is estimated to have 10 year useful life and 0 salvage value. The Patent Costs were incurred on Jan 1 , 2015 and are estimated to have useful life of 10 years. The Copyright costs were incurred on Jan 1, 2013 and are estimated to have a useful life of 10 years.

Land 250,000

Buildings 800,000 Less Accumualted Depreciation Buildings 400,000 400,000 Equipment 600,000 Less Accumualted Depreciation Equipment 240,000 360,000 Total Property Plant and Equipment 1,010,000 Intangibles Patents ($100,000 cost less 20,000 amortization) 80,000 Copyrights ($80,000 cost less 32,000 amortization) 48,000 128,000 Total Intangibles 1,138,000

Record the following transactions for 2017. Jan 1 Paid Soda Co lawyers $24,000 in successful defense of its patents. March 1 Acquired land adjacent to production facility for $50,000. July 1 Purchased new equipment for a production line $100,000. Sep 1 Paid lab $75,000 for research and development costs on a new product Oct 1 Sell old production line (equipment) for $30,000. Original cost $60,000 and purchased Jan 1, 2013 Oct 1 Sold a copyright for $20,000. Copyright costs were $32,000 less $12,800 amortization as ofDec 31, 2016. Dec 31 Record depreciation expense for PPE Dec 31 Record amortization expense for Patents and Copyrights.

Also, prepare the long-term asset section for Soda Co as of Dec 31. Suggestion, use T accounts to track transactions