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*Problem 9-7A (Part Level Submission) The intangible assets section of Bramble Company at December 31,, 2016, is presented below. Patents (68,100 cost less 6,810 amortization) L61.290 Franchises (E39.700 cost less E15.880 amortization) 23,820 E8S.110 Total The patent was acquired in January 1, 2016 and has a useful life of during 2017 years. The franchise was acquired in January 1, 2013 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets Paid 53,910 legal costs to successfully defend the patent against infringement by another company. Developed a new product, incurring 114,300 in research costs and E70.700 Jan. 2 Jan.-June development costs prior to technological feasibility. patent was granted for the product on July 1. Its useful life is equal to its 20-year Pald E56,920 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercals will air fe of 40 years. September and October Sept. 1 Oct. 1 Acquired a franchise for 137.600, The franchise has a useful *(a) Your answer correct. Prepare journal entries to record the transactions above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 53910 Dan, 2Patents 53910 Cash Tlan. June Research and Development Expensel18500ol ash 9500 Sept. 1 Advertising Expense 56920 6920 ash ct 1Franchises 137600 37600 Cash *(b) Your answer is correct. Prepare journal entries to record the 2017 amortization expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Dec. 31 Amortization Expense 2800 2800 Patents (To record patents amortization.) Dec. 31mortization Expense T4830 4830 Franchises (To record franchise amortization.) *(c) December 31, 2017. Prepare the intangible assets section of the statement of financial position BRAMBLE COMPANY Financial Position Partial Statement P