of the intangible assets reported on a balance sheet have been pochase TAKING IT FURTHER The majority if it is not reconded as an asset? p9-114 The intangible assets reported by Ip Comp to being internally generated. Why? What happens to the cost of an internally generated int Reund intangible transactions prepare partial balance sheet.OSTAP any at December 31, 2016, follow: wance of ent's fair s 64,000 Patent #1 Less: Accumulated amortization 16,000 Copyright #1 Less: Accumulated amortization Goodwill 28,800 220,000 operty, em as Total January 2011 and also has an estimated useful life of 10 years. The following cash transactions may have affected June 30 Developed a new product, incurring $180,000 in research costs and $60.000 in development costs, Sept. 1 Paid S12.000 to an Olympic athlete to appear in commercials advertising the company's prodtucts. The Patent #1 was acquired in January 2015 and has an estimated useful life of 10 years. Copyright #1 was acquired in ant, intangible assets and goodwill during the year 2017: Paid $23,200 of legal costs to successfully defend Patent #1 against infringement by another company. 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. 2 Jan. commercials will air in September. a second copyright for $18,000 cash. Copyright #2 has an estimated useful life of six years. Oct. 1 Acquired Instructions (a) Record the above transactions. (b) Prepare any adjusting journal entries required at December 31, 2017, the company's year end, and update th account balances. (e) Show how the intangible assets and goodwill will be reported on the balance sheet at December 31, 2017