Test Question 11 of 11 - /20 View Policies Current Attempt in Progress The intangible assets and goodwill reported by Blossom Corporation at December 31, 2020, follow: $33,980 16,990 Copyrights (#1) Less: Accumulated amortization Trademarks Goodwill Total $ 16,990 51,650 116,430 $185.070 A copyright (1) was acquired on January 1, 2019, and has a useful life of four years. The trademarks were acquired on January 1 2017. and are expected to have an indefinite life. The company has a December 31 year end and prepares adjusting journal entries annually. The following cash transactions may havelaffected intangible assets and goodwill during 20213 Jan July Pald 56.590 in legal costs to successfully defend the trademarks against Infringement by another company. Developed a new products incurring $198.410 in research and $46,800 in development costs with probable for benefits. The product is expected to have a useful life of 20 years. PASTO chockwa dinding Search for anything 0 31 dond Sen -720 A copyright (#1) was acquired on January 1, 2019, and has a useful life of four years. The trademarks were acquired on January 1. 2017, and are expected to have an indefinite life. The company has a December 31 year end and prepares adjusting journal entries annually. 5 1 The following cash transactions may have affected intangible assets and goodwill during 2021: Jan. Paid $6,590 in legal costs to successfully defend the trademarks against infringement by another company. July Developed a new product, incurring $198,110 in research and $46,800 in development costs with probable future benefits. The product is expected to have a useful life of 20 years. Sept. Paid $57.100 to a popular hockey player to appear in commercials advertising the company's products. The commercials will air in early September. Oct Acquired another copyright (#2) for $180.000. The new copyright has a useful life of six years. Dec 31 Determined the fair value of the goodwill to be $97.060. There was no indication that the copyrights or trademarks were impaired. 1 1 to Prepare journal entries to record the above transactions (list all debit entries before credit entries. Credit account titles are Search for anything 10] -720 III a) Prepare journal entries to record the above transactions. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record joumal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record research expense) I (To record development costs) OS 2 9 od Search for anything Question 11 of 11 - 20 E (To record development costs) Save for later Attempts: 0 of 1 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above, o E Search for anything 20 Save for Later Attempts: 0 of 1 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be compiched in order. This part will be available when you complete the part above. O Search for anything