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balance sheet

Statement of Financial Position (Partial) December 31, 2021. Assets Intangible assets Finite Life Intangible Assets Copyrights 194740 Less Accumulated Amortization - Copyrights 1 17.870 Duvelopment costs 251440 Accumulated Amortization - Development Costa 2750 Indah intangibles mark More actions Tontin Good Theintangible assets and goodwill reported by Ivanhoe Corporation at December 31, 2020, follow: Copyrights (#1) $ 35,740 Less: Accumulated amortization 17,870 $ 17870 Trademarks 50,390 Goodwill 119,060 Total $ 187,320 A copyright (#1) was acquired on January 1, 2019, and has a useful life of four years. The trademaries were acquired on January 1 2017, and are expected to have an indefinite life. 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 July 1 Paid S 6,920 in legal costs to successfully defend the trademarks against infringement by another company Developed a new product, incurring S 201.940 in research and 5 49.500 in development costs with probable , $ $ future benefits. The product is expected to have seful life of 18 years Paid S 55.670 to a popular hockey player to appear in commercials advertising the company's products. The commercials will air in early September Sept 1 Oct 1 Acquired another copyright 21 for $ 159.000. The new.copyright has a useful life of six years Determined the fair value of the goodwill to be 5 86,270. There was no indication that the copyrights trademarks were impaired Dec 31 Date Account Titles and Explanation Debat Jan. 5 5 Trademarles 6.920 Cash July 1 Research Expenses 201940 Cash (To record research expense) July 1 Development Costs 49500 Cash To record development costs) 55670 Sept 1 Advertising Expense Cash 159000 Oct 1 V Copyright Gash Accumulated Amortization - Copyrights Torerord