P9-7B The intangible assets section of Willingham Company at December 31 , 2022 , is presented below. The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2019 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Paid $36,000 legal costs to successfully defend the patent against infringement by another company. Jan.-June Developed a new product, incurring $230,000 in research and development costs. A patent was granted for the product on July 1. Its useful life is equal to its legal life. Sept. 1 Paid $125,000 to an X-Games star to appear in commercials advertising the company's products. The commercials will air in September and October. Oct. 1 Acquired a copyright for $300,000. The copyright has a useful life of 50 years