Q1 The intangible assets section of Powerdlige Company at Dec.31, 2018 is presented below: Intangible assets Patent ($140,000 cost less $28,000 amortization $112.000 Franchise ($96,000 cost less $38,400 amortization) $57,600 Goodwill $150,000 $319,600 The patent was acquired in January 2017 and has a useful life of 10 years. The franchise was acquired in January 2015 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2019. Jan2 Paid $90,000 legal costs to successfully defend the patent against infringement by another company. Jan - June Developed a new product, incurring $280,000 in research and development costs, A patent was granted for the product on July 1. Its useful life is equal to its legal life. Aug.1 Payment for copyright $156,000(5 year life) Oct.1 Acquired a franchise for $200,000. The franchise has a useful life of 50 years Instructions: (a) Prepare journal entries to record the 2019 amortization expense. (b) Prepare the intangible assets section of the Balance Sheet at December 31, 2019