LESLIUI SOT - / 10 View Policies Current Attempt in Progress The intangible assets and goodwill reported by Wildhorse Company at December 31, 2020, follow: $ Patent #1 Less: Accumulated amortization Copyright #1 Less: Accumulated amortization Goodwill Total $ 85.000 17.000 42,000 25,200 68,000 16.800 210,000 $ 294,800 Patent #1 was acquired in January 2019 and has an estimated useful life of 10 years. Copyright #1 was acquired in January 2015 and also has an estimated useful life of 10 years. The following cash transactions may have affected intangible assets and goodwill during the year 2021: Jan. 2 June 30 Paid $24,000 of legal costs to successfully defend Patent #1 against infringement by another company. Developed a new product, incurring $175,000 in research costs and $52.800 in development costs, which were paid in cash. The development costs were directly related to Patent #2, which was granted for the product on July 1. Its estimated useful life is equal to its legal life of 20 years. Paid $11.500 to an Olympic athlete to appear in commercials advertising the company's products. The commercials will air in September Acquired a second copyright for $16,800 cash. Copyright #2 has an estimated useful life of six years. Sept. 1 Oct 1 Record the above transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Jan. 2 Credit Patents Cash (To record legal costs.) (To record research costs.) June 30 r Cash (To record development costs.) Advertising Expense Sept. 1 v Cash (To record advertising.) Copyrights Oct 1 Cash Copyrights Cash (To record copyright.) e Textbook and Media Save for Later Last saved 35 minutes ago. Using multiple attempts will impact your score. 20% score reduction after attempt 3 Attempts: 0 of 5 used Submit Answers (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above Gp