Robotix Co. purchases a patent for $23,500 on January 1. The patent is good for 18 years, after which anyone can use the patent technology. However, Robotix plans to sell products using that patent technology for only 5 years. Prepare the intangible asset section of the balance sheet that reports on this patent at the end of the first year. ROBOTIX CO. Balance Sheet December 31 Assets Intangible assets