Part III. The intangible assets and goodwill reported by Ip Corp. at December 31, 2023, follow: The company acquired the patents in January 2022 and they have a useful life of 10 years. A copyright (\#1) that the company acquired in January 2018 also has a useful life of 10 years. The company has a December 31 year end and prepares adjusting journal entries annually. The following cash transactions may have affected intangible assets and goodwill during 2024: Jan. 2 Paid $22,500 in legal costs to successfully defend the patents against infringement by another company. Determined that the revised annual amortization for the patents will be $9,812. July 1 Developed a new product, incurring $220,000 in research costs and $60,000 in development costs with probable future benefits. The useful life of the new product is equal to 20 years. Sept. 1 Paid $11,000 to an Olympic curler to appear in commercials advertising the company's products. The commercials will air in September. Oct. 1 Acquired a second copyright for $16,000. Copyright #2 has a useful life of five years. Dec. 31 Determined the fair value of the goodwill to be $175,000. There was no indication that the patents or copyrights were impaired. Instructions a. Prepare the journal entries to record the above transactions. b. Prepare any adjusting journal entries required at December 31 . c. Calculate net balances of the intangible assets and goodwill at December 31, 2024