Problem 7-5 (Part Level Submission) The intangible assets section of Culver Corporation's balance sheet at December 31, 2017, is presented here Patents ($89,900 cost less $7,100 amortization) Copyrights ($42,000 cost less $31,500 amortization) 10,500 Total $82,800 $93,300 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. 2 Paid $45,000 legal costs to successfully defend the patent against infringement by another company Jan. June Developed a new product, incurring $260,000 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. Sept. Oct. Legal and other costs for the patent were $30,000 1 Paid $68,500 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 $203,000. The copyright has a useful life and legal life of 50 years. Prepare a tabular summary that includes the intangible asset balances as of December 31, 2017. (Ifa transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Assets Liabilities Stockholders' Equity Retained Earnings Expense Cash + Patents +Copyrights + Common Stock Revenue -Dividend Bal Click if you would like to Show Work for this question: Open Show Work