Problem 9-05A a-c (Part Level Submission) The intangible assets section of Bramble Corporation's balance sheet at December 31, 2022, is presented here. Patents ($86,200 cost less $7,400 amortization) Copyrights ($59,000 cost less $48,000 amortization) $78,800 11,000 $89,800 Total The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Paid $45,000 legal costs to successfully defend the patent against infringement by another company. Jan.- June Developed a new product, incurring $240,000 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. Legal and other costs for the patent were $20,000. Sept. 1 Paid $48,500 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October. Oct. 1 Acquired a copyright for $277,000. The copyright has a useful life and legal life of 50 years. Your answer is correct. Prepare journal entries to record the transactions. (Record entries in the order displayed in the problems Entry" for the account titles and enter o for the amounts.) Date Debit Credit Account Titles and Explanation Patents Jan. 2 45000 Cash 45000 Patents 12900 (To record amortization of patents) Dec. 31 TAmortization Expense 7285 7285 Copyrights (To record amortization of copyrights) Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER (c) Your answer is partially correct. Try again. Prepare the intangible assets section of the balance sheet at December 31, 2023. Bramble Corporation Balance Sheet (Partial) December 31, 2023 Intangible Assets Patents 122960 Copyrights 280715 Total Intangible Assets 403675 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS