Current Attempt in Progress The intangible assets section of Ayayai Corporation's balance sheet at December 31, 2022, is presented here. Patents ($70,300 cost less $6,600 amortization) Copyrights ($40,000 cost less $28,600 amortization) Total $63,700 11,400 $75.100 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2. Paid $63,000 legal costs to successfully defend the patent against infringement by another company. curring $257,000 in research and development costs. A patent was granted for the product on July 1, and its useful life is equal to its legal life. Legal and other costs for the patent were $30,000. 1 Paid $66,500 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October. 1 Acquired a copyright for $222,000. The copyright has a useful life and legal life of 50 years. Sept. Oct. Prepare journal entries to record the 2023 amortization expense for intangible assets. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Amortization Expense Patents (To record amortization of patents) Dec 31 Amortization Expense Copyrights (To record amortization of copyrights) List of Accounts Prepare the intangible assets section of the balance sheet at December 31, 2023. Ayayai Corporation Balance Sheet (Partial) e Textbook and Media List of Accounts Attempts: 0 of