J The intangible assets section of Novak Corporation's balance sheet at December 31, 2017, is presented here Patents ($72,000 cost less $7,200 Copyrights (963,000 cost less $44,100 amortization) Total amortization) $64,800 18,900 $83,700 The patent was acquired in January 2017 and has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2018 Paid $45,000 legal costs to successfully defend the patent against infringement by another company. June Developed a new product, incuring $238 an. 2 8,500 in research and development costs. A patent was granted for the product on July 1, and its useful lite is equal to its legal life. Legal and other costs for the patent were $30,000 Sept. 1 Paid $69,500 to a quarterback to appear in commercials advertising t Oct. 1 Acquired a copyright for $296,000. The copyright has a useful life and legal ife of 50 years the company's products. The commercials will air in September and October Prepare journal entries to s required, select "No Entry" for the account titles and enter O for the amounts.) Prepare journal entries to record the transactions. (Record entries in the order displayed in the problem statement. Cred entered. Do not indent manualily, If no entry is required, select "No Entry" for the account tities and enter O for the Credit Date