(Part A) Hello, If anyone can help with this accounting question that would be amazing.

Part A

The intangible assets section of Pronghorn Company at December 31, 2020, is presented below. Patents ($82,000 cost less $8,200 amortization) Franchises ($43,000 cost less $17,200 amortization) Total $73,800 25,800 $99,600 The patent was acquired in January 2020 and has a useful life of 10 years. The franchise was acquired in January 2017 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2021. Jan. 2 Jan.- June Sept. 1 Paid $22,500 legal costs to successfully defend the patent against infringement by another company. Developed a new product, incurring $146,000 in research and development costs. A patent was granted for the product on July 1. Its useful life is equal to its legal life. Paid $52,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials will air in September and October. Acquired a franchise for $142,000. The franchise has a useful life of 50 years. Oct. 1 Prepare journal entries to record the transactions above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 2 Patents 22500 Cash 22500 Jan.- June 7 Research and Development Expense 146000 Cash 146000 Sept. 1 Advertising Expense 52000 Cash 52000 Oct. 1 Franchises 142000 Cash 142000 Prepare journal entries to record the 2021 amortization expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Amortization Expense 10700 Patents 10700 (To record patents amortization) Dec. 31 Amortization Expense 5010 Franchises 5010 (To record franchise amortization) Prepare the intangible assets section of the balance sheet at December 31, 2021. (Round answers to 0 decimal places, e.g. 2,125.) Pronghorn Company Balance Sheet (Partial) December 31, 2021 Intangible Assets Franchises $ 142000 Patents 22500 Total Intangible Assets $ 164500