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The intangible assets section of Sheffield Corporation's balance sheet at December 31, 2022, is presented here. Patents ($70,300 cost less $8,800 amortization) $61,500 Copyrights ($64,500 cost less $51,300 amortization) 13,200 Total $74,700 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 $258,000 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 $40,000. Sept. Paid $47,000 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October. Oct. 1 1 Acquired a copyright for $247,000. The copyright has a useful life and legal life of 50 years.

Prepare a tabular summary that includes the intangible asset balances as of December 31,2022 . (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Prepare a tabular summary that includes the intangible asset balances as of December 31,2022 . (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)