should be 5 journal entries

The intangible assets section of Marigold Corp's balance sheet at December 31, 2022, is presented here. Patents($ 70,000 cost less $ 7,000 amortization) $ 63,000 Copyrights ($ 37,200 cost less $26,040 amortization) 11,160 Total $ 74,160 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Paid $ 27,000 legal costs to successfully defend the patent against infringement by another company. Jan-July Developed a new product, incurring $ 145,000 in research and development costs during February. A patent was granted for the product on July 1, and its useful life is equal to its legal life. Legal and other costs for the patent were $ 20.000 Sept. 1 Paid $ 52,000 to a quarterback to appear in commercials advertising the company's products. The commercials aired in September. Acquired a copyright for $ 122,000. The copyright has a useful life and legal life of 50 years. Oct. 1