The intangible assets and goodwill reported by Blossom Corporation at December 31, 2020, follow: Copyrights (#1) $33,980 Less: Accumulated amortization 16,990 $ 16,990 Trademarks 51,650 Goodwill 116,430 Total $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 have affected intangible assets and goodwill during 2021 Jan 5 July 1 Sept. 1 Paid $6.590 in legal costs to successfully defend the trademarks against infringement by another company. 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. Paid $57.100 to a popular hockey player to appear in commercials advertising the company's products. The commercials will air in early September. Acquired another copyright (#2) for $180,000. The new copyright has a useful life of six years. Determined the fair value of the goodwill to be $97,060. There was no indication that the copyrights or trademarks were impaired Oct. 1 Dec 31 Date Account Titles and Explanation Debit Credit Dec. 31 Impairment Loss 19370 Goodwill 19370 (To record amortization on copyrights acquired on January 1, 2019) Dec. 31 (To record amortization on copyrights acquired on October 1, 2021) Dec. 31 (To record amortization expense on development cost) Dec 31