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fill out the partial balance sheet, the last table, thanx The intangible assets section of Tamarisk, Inc.'s balance sheet at December 31, 2022, is presented
fill out the partial balance sheet, the last table, thanx
The intangible assets section of Tamarisk, Inc.'s balance sheet at December 31, 2022, is presented here. Patents ($81,000 cost less $8,100 amortization) $72,900 Copyrights ($42,200 cost less $29,540 amortization) 12,660 Total $85,560 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 $27,000 legal costs to successfully defend the patent against infringement by another company. Jan.-July Developed a new product, incurring $131,000 in research and development costs during February. 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 $20.000. Sept. 1 Paid $46,000 to a quarterback to appear in commercials advertising the company's products. The commercials aired in September. Oct. 1 Acquired a copyright for $149,000. The copyright has a useful life and legal life of 50 years. Date Account Titles and Explanation Debit Credit Jan. 2 . Patents 27000 Cash 2700C Jan-June Research and Development Expense 131000 Cash 131000 July 1 Patents 20000 Cash 20000 Sept. 1 Advertising Expense 46000 Cash 4600C Oct. 1 Copyrights 149000 Cash 14900C Date Account Titles and Explanation Debit Credit Dec. 31 Amortization Expense 11600 Patents 11600 (To record patents amortization) Dec. 31 Amortization Expense 4965 Copyrights 4965 (To record copyrights amortization) Tamarisk, Inc. Balance Sheet (Partial) December 31, 2023 Intangible Assets Patents ta Copyrights Total Intangible Assets $Step by Step Solution
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