Question 11 of 25 6.62/8 View Policies Show Attempt History Current Attempt in Progress The intangible assets section of Riverbed Company at December 31, 2022, is presented here. $63,000 Patents ($70.000 cost less $7,000 amortization) Franchises (544,800 costless $17.920 amortization) Total 26,880 $89,880 The patent was acquired in January 2022 and has a useful life of 10 years. The franchise was acquired in January 2019 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Sept. 1 Paid $21,600 legal costs to successfully defend the patent against infringement by another company Paid $50,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials aired in September and October Acquired a franchise for $111,600. The franchise has a useful life of 50 years, Developed a new product, incurring $145,000 in research and development costs during December. A patent was granted for the product on January 1, 2024 Oct. 1 Nov- Dec. Question 11 of 25 6.62/8 T! Your answer is partially correct Prepare journal entries to record the 2023 amortization expense for intangible assets. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Amortization Expense 7000 Patents (To record patents amortization) Dec. 31 Amortization Expense 5038 Franchises (To record franchise amortization) e Textbook and Media stion 11 of 25 6 LIST OF Accounts Your answer is partially correct. Prepare the intangible assets section of the balance sheet at December 31, 2023. Riverbed Company Balance Sheet (Partial) December 31, 2023 Intangible Assets Patents $ 14600 Franchises 106562 Total Intangible Assets 256162 eTextbook and Media List of Accounts Save for Later Attempts: 2 of 3 used Sube