Question 12 of 12 < The intangible assets section of Novak Company at December 31, 2022, is presented here. Patents ($66,000 cost less $6.600 amortization) $59,400 Franchises ($53,500 cost less $21.400 amortization) 32,100 Total $91.500 5.25/6 } 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 Oct. 1 Nove Dec Paid $24.300 legal costs to successfully defend the patent against infringement by another company. Paid $47,000 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 $132,600. The franchise has a useful life of 50 years. Developed a new product, incurring $143,000 in research and development costs during December. A patent was granted for the product on January 1, 2024.