Question 2 In 2018 Bar Company purchased a new patent at a cost of $60,000. They estimate the patent had a useful life of 10 years. They acquired a copy right at a cost of $48,000 in January 2 of 2016. The copyright had 20 years left in it. On December 31, 2018 their company intangible assets look like this on their balance sheet Patent #1 (60,000-6000) Copyright #1 (48,000-7,200) Total $54,000 40,800 $94,800 1. Record Entries for the following transaction: a) On January 2 they paid $4,200 in legal fees to defend the copyright (copyright #1) against infringement by another company. [2 marks] Account Title Debit Credit a) On January 2 they paid $4,200 in legal fees to defend the copyright 2 (copyright #1) against infringement by another company. [2 Marks] Account Title Debit Credit b) On January 30 they acquired a new copyright #2 at a cost of $80,000. The copyright is expected to last for 10 years. [2 marks] Account Title Debit Credit c) On March 30 paid $10,000 to an NHL athlete to endorse the company's products. [2 marks] Account Title Debit Credit d) Developed a new patent (Patent #2) incurring a cost of $28,000 in research and development paid for in cash. The patent was granted and registered including legal fees at cost of $14,000 on June 30 of 2019. It was paid for in cash and will be amortized over 20 years. [4 Marks] Account Title Debit Credit 2. Calculate the amortization for each intangible asset. Show your work. [8 Marks] Patent #1 Patent #2 Copyright #1 Copyright #2 3. Record amortization expense on December 31, 2019 for the four intangible assets. Do each intangible asset separately. [8 Marks] Account Title Debit Credit