Question 1 of 5 - /20 III View Policies Current Attempt in Progress The intangible assets and goodwill reported by Oriole Company at December 31, 2020, follow: Patent #1 $ 70,000 Less: Accumulated amortization 14,000 $ 56,000 Copyright #1 38,400 Less: Accumulated amortization 23,040 15,360 Goodwill 204,000 Total $ 275,360 Patent #1 was acquired in January 2019 and has an estimated useful life of 10 years. Copyright #1 was acquired in January 2015 and also has an estimated useful life of 10 years. The following cash transactions may have affected intangible assets and goodwill during the year 2021: Jan. 2 Paid $19,200 of legal costs to successfully defend Patent #1 against infringement by another company. June 30 Developed a new product, incurring $169,000 in research costs and $49,920 in development costs, which were paid in cash. The development costs were directly related to Patent #2, which was granted for the product on July 1. Its estimated useful life is equal to its legal life of 20 vears. Question 1 of 5