Find Patents and then Total Intangible Assets.

The intangible assets section of Pronghorn Corporation's balance sheet at December 31, 2022, is presented here. Patents ($83,100 cost less $7,400 amortization) Copyrights ($37,000 cost less $23,100 amortization) Total $75,700 13.900 $89,600 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. Jan- June Developed a new product, incurring $233,000 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 $20,000. Sept. 1 Paid $68,000 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October Oct. 1 Acquired a copyright for $209,000. The copyright has a useful life and legal life of 50 years. Prepare journal entries to record the transactions. (Record entries in the order displayed in the problem statement. 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 Jan. 2 Patents 63000 Cash 63000 Jan-June Research and Development Expense 233000 Cash 233000 July 1 Patents 20000 Cash Sept. 1 Advertising Expense 68000 Cash 68000 Oct. 1 Copyrights 209000 Cash 209000 - Your answer is partially correct. 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 15310 Patents 15310 (To record amortization of patents) Dec. 31 Amortization Expense Copyrights 4745 (To record amortization of copyrights) Your answer is partially correct. Prepare the intangible assets section of the balance sheet at December 31, 2023. Pronghorn Corporation Balance Sheet (Partial) December 31, 2023 Intangible Assets Patents Copyrights 218155 Total Intangible Assets