*Problem 9-05A a-c

The intangible assets section of Riverbed Corporations balance sheet at December 31, 2022, is presented here.

Patents ($75,200 cost less $8,000 amortization)		$67,200
Copyrights ($39,500 cost less $24,500 amortization)		15,000
Total		$82,200

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 $253,500 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 $20,000.
Sept.	1		Paid $47,500 to a quarterback to appear in commercials advertising the companys products. The commercials will air in September and October.
Oct.	1		Acquired a copyright for $270,000. The copyright has a useful life and legal life of 50 years.

	Your answer is partially correct. Try again.

Prepare the intangible assets section of the balance sheet at December 31, 2023.

Riverbed Corporation Balance Sheet (Partial) choose an accounting period December 31, 2023
Intangible Assets
Patents					$enter a dollar amount
Copyrights					enter a dollar amount
Total Intangible Assets					$enter a total amount for this section

Question Attempts: 4 of 5 used