PLEASE HELP AS SOON AS POSSIBLE

The intangible assets section of Sheffield Corporation's balance sheet at December 31, 2017, is presented here. Patents ($88,900 cost less $8,890 amortization) $80,010 Copyrights ($36,500 cost less $25,550 amortization) 10,950 Total $90,960 The patent was acquired in January 2017 and has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2018. Jan. Sept. 2 Paid $63,000 legal costs to successfully defend the patent against infringement by another company. d a new product, incurring $258,500 in research and development costs. A patent was granted for the product on July 1, and its useful life is equal to its legal life. Legal and other costs for the patent were $10,000. 1 Paid $64,500 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October. 1 Acquired a copyright for $272,000. The copyright has a useful life and legal life of 50 years. Oct. Prepare journal entries to record the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. 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 Prepare journal entries to record the 2018 amortization expense for intangible assets. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31 (To record amortization of patents) Dec. 31 (To record amortization of copyrights) Prepare the intangible assets section of the balance sheet at December 31, 2018. Sheffield Corporation Balance Sheet (Partial)