Problem 9-05A a-c The intangible assets section of Indigo Corporation's balance sheet at December 31, 2022, is presented here. Patents ($84,700 cost less $8,600 amortization) Copyrights ($42,500 cost less $30,700 amortization) Total $76,100 11,800 $87,900 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 $245,500 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 $54,000 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 $220,000. The copyright has a useful life and legal life of 50 years. Your answer is partially correct. Try again. 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 ma Entry" for the account titles and enter o for the amounts.) Debit Credit Date Jan. 2 Account Titles and Explanation Patents Cash 45000 Jan.-June Research and Development Expense Cash Sept. 1 IT SHOW LIST OF ACCOUNTS 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 enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Amortization Expense 13470 134701 Patents 3470 (To record amortization of patents) Dec. 31 Amortization Expense 5350 5350 fr (To record amortization of copyrights) SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Your answer is partially correct. Try again. Prepare the intangible assets section of the balance sheet at December 31, 2023. Indigo Corporation Balance Sheet (Partial) December 31, 2023 Intangible Assets Patents 107760 Franchise 235900 60 60 new h Your search homes.trov Total Intangible Assets 343660