Problem 9-10A a-c (Part Level Submission) The intangible assets and goodwill reported by Blossom Corporation at December 31, 2017, follow: Copyrights Less: Accumulated amortization $37,500 18,750 Trademarks $ 18,750 57,280 135,630 $211,660 Goodwill Total A copyright (#1) was acquired on January 1, 2016, and has a useful life of four years. The trademarks were acquired on January 1, 2014, and are expected to have an indefinite life. The company has a December 31 year end and prepares adjusting journal entries annually. The following cash transactions may have affected intangible assets and goodwill during 2018: Jan. July 5 1 Sept. Oct. Dec. 1 1 31 Paid $6,510 in legal costs to successfully defend the trademarks against infringement by another company. Developed a new product, incurring $202,020 in research and $46,000 in development costs with probable future benefits. The product is expected to have a useful life of 20 years. Paid $58,300 to a popular hockey player to appear in commercials advertising the company's products. The commercials will air in early September. Acquired another copyright (#2) for $175,280. The new copyright has a useful life of four years. Determined the recoverable amount of the goodwill to be $96,830. There was no indication that the copyrights or trademarks were impaired. (b) Prepare any adjusting journal entries required at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275. 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 (To record amortization on copyrights acquired on January 1, 2016) Dec. 31 (To record amortization on copyrights acquired on October 1, 2018) Dec. 31 (To record amortization expense on development cost)