record the following transactions, and prepare the long term asset section of the balance sheet as 12/31/21

At Dec 31, 2020, ABC Co. reported the following long-term assets on its balance sheet. The Patent Costs were incurred on Jan 1, 2018 and are estimated to have useful life of 10 years. 5 The Copyright costs were incurred on Jan 1, 2019 and are estimated to have a useful life of 15 years. 8 Property Plant and Equipment Land 500,000 11 Buildings (40 year life and 0 salvage value) 12 Less Accumualted Depreciation Buildings Cost Acc Depr 950,000 190,000 760,000 Cost Acc Depr 450,000 150,000 300,000 14 Equipment (15 year life and 0 salvage value) 15 Less Accumualted Depreciation Equipment 16 17 Total Property Plant and Equipment 1,560,000 19 Intangibles 20 21 Patents ($120,000 cost less 36,000 amortization) 22 Copyrights ($150,000 cost less 20,000 amortization) Cost-$120,000; 3 yrs amortization Cost - $150,000; 2 yrs amortization 84,000 130,000 24 Total Intangibles 214,000 25 26 Suggestion. It may help to use T accounts to show accumulated depreciation or amortization 28 Record the following transactions for 2021. 29 Jan 1 Paid Soda Co lawyers $35,000 in successful defense of its patents. 34 March 1 Sold land $175,000; cost of land $150,000. 36 4 C E F G H 34 March 1 Sold land $175,000; cost of land $150,000. 37 39 Mar 31 Purchased new equipment for a production line $150,000. May 1 Paid lab $25,000 for research and development costs on a new product 49 June 30 Sold old production line (equipment) for $60,000. Original cost $90,000 and purchased Jan 1, 2017 Record the depreciation expense from Jan 1. Jun 30 Record the gain or loss on the sale of the equipment. 30-Sep Sold the copyright for $125,000. Record the amortization for Jan 1 - Sep 30 Record the gain or loss on the sale of the copyright BcDE F G H Record the gain or loss on the sale of the copyright Dec 31 Record the depreciation expense on the building Dec 31 Record depreciation expense for equipment acquired Mar 31. 4 Dec 31 Record depreciation expense for original equipment at 12/31/20 less the Jul 1 disposal WoW 9 Dec 31 Record amortization expense for the Patents. 100 101 Prepare the Long Term Asset section of the Balance Sheet as of 12/31/21