correct

The Intangible assets and goodwill reported by Ivanhoe Corporation at December 31, 2020, follow: Copyrights (#1) $ 35,740 Less: Accumulated amortization 17.870 Tradermarks 119060 TOESI $ 187,320 A copyright (#1) was acquired on January 1, 2019, and has a useful life of four years. The trademarks were acquired on January 1, 2017. and are expected to have an Indefinitellfe. The company has a December 31 year end and prepares adjusting journal entries annually. The following cash transactlons may have affected Intangible assets and goodwill during 2021: jan 2:10 $ 6.920 in legal costs to successfully defend the trademarks against Infringement by another company. July 1 Developed a new product. Ineurring S 201.940 in research and $ 49.500 in development costs with probable future benefits. The product is expected to have a useful life of 18 years. Pald $ 55.870 +0 a popular hockey plaver to appear in commercials advertising the company's products. The commercials will air in early September. Acquired another copyright (+2) for $ 159.000. The new cooyright has a useful life of six years 31 Determined the fair value of the goodwill to be $ 86.270. There was no Indleatlon that the copyrights or trademarks were impared. Prepare journal entries to record the above transactlons. (List all debit entries before credit entries. Credit account titles are automatically indented withe amount is entered. Do not Indent manually. If no entry is required, select "No Entry for the account titles and enterolor the amounts. Record journal entries in the order presented in the problem! Date Account Titles and Explanation Debit > > (To record research expense) > (To record development costs)