Problem 9-05A a-c The intangible assets section of Blue Corporation's balance sheet at December 31, 2022, is presented here. Patents ($73,200 cost less $7,400 amortization) Copyrights ($37,000 cost less $24,500 amortization) Total $65,800 12,500 $78,300 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 $36,000 legal costs to successfully defend the patent against infringement by another company. Jan.- June Developed a new product, incurring $233,500 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 $30,000. Sept. 1 Paid $61,500 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 $301,000. 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 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 Jan. 2 Patents 36000 Cash 36000 Jan.-June Research and Development Expense 233500 Cash 233500 July 1 Patents 30000 Cash 30000 Sept. 1 Advertising Expense 61500 Cash 61500 Oct. 1 Copyrights 301000 > Cash 301000 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO VIDEO Your answer is partially correct. Try again. Prepare journal entries to record the 2023 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.) Date Account Titles and Explanation Debit Credit Dec. 31 Amortization Expense 13911 Patents 13911 (To record amortization of patents) X Dec. 31 Amortization Expense 9720 Copyrights 9720 (To record amortization of copyrights) Your answer is partially correct. Try again. Prepare the intangible assets section of the balance sheet at December 31, 2023. Blue Corporation Balance Sheet (Partial) December 31, 2023 Intangible Assets Patents 117889 Copyrights 303780 Total Intangible Assets 421669 Click if you would like to show Work for this question: Open Show Work