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Problem 10-07A a-c (Video) The intangible assets section of Sheffield Company at December 31, 2020, is presented below. Patents ($75,000 cost less $7,500 amortization) Franchises ($49,000 cost less $19,600 amortization) Total $67,500 29,400 $96,900 The patent was acquired in January 2020 and has a useful life of 10 years. The franchise was acquired in January 2017 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2021. Jan. 2 Jan.-June Sept. 1 Oct. 1 Paid $18,000 legal costs to successfully defend the patent against infringement by another company. Developed a new product, incurring $132,000 in research and development costs. A patent was granted for the product on July 1. Its useful life is equal to its legal life. Paid $47,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials will air in September and October. Acquired a franchise for $134,000. The franchise has a useful life of 50 years. Prepare journal entries to record the transactions above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare journal entries to record the 2021 amortization expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit (To record patents amortization) (To record franchise amortization) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT Prepare the intangible assets section of the balance sheet at December 31, 2021. (Round answers to O decimal places, e.g. 2,125.) Sheffield Company Balance Sheet (Partial) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Question Attempts: 0 of 5 used SAVE FOR LATER SUBMIT ANSWER 9.A DM