P9-7A The intangible assets section of Glover Ltd. at December 31, 201 below. 6, is presented Patents (E60,000 cost less 6,000 amortization) Franchises (48,000 cost less 19,200 amortization) 54,000 28,800 82,800 Total The patent was acquired in January 2016 and has a useful life of 10 years. The franchise was acquired in January 2013 and also has a useful life of 10 years. The following cash Jan. 2 Paid 45,000 legal costs to successfully defend the patent against infringe- Jan.-June Developed a new product, incurring 100,000 in research costs and 68,000 in the product on July 1. Its useful life is equal to its 20-year legal life. transactions may have affected intangible assets during 2017. ment by another company. development costs prior to technological feasibility. A patent was granted for Paid 58,000 to an extremely large defensive lineman to appear in commer- cials advertising the company's products. The commercials will air in September and October Sept. 1 Oct. 1 Acquired a franchise for 100,000. The franchise has a useful life of 40 years. Instructions (a) Prepare journal entries to record the transactions above. (b) Prepare journal entries to record the 2017 amortization expens e. are the intangible assets section of the statement of financial position at Decembe 31, 2017