The intangible assets and goodwill reported by Crane Company at December 31, 2023, follow: Patent #1 $ 117,500 Less: Accumulated amortization 23,500 $ 94,000 Copyright #1 49,800 Less: Accumulated amortization 29,880 19,920 Goodwill Total 223,000 $ 336,920 Patent #1 was acquired in January 2022 and has an estimated useful life of 10 years. Copyright #1 was acquired in January 2018 and also has an estimated useful life of 10 years. The following cash transactions may have affected intangible assets and goodwill during the year 2024: Jan. 2 June 30 Sept. 1 Oct 1 Paid $34,400 of legal costs to successfully defend Patent #1 against infringement by another company. Developed a new product, incurring $188,000 in research costs and $59,040 in development costs, which were paid in cash. The development costs were directly related to Patent #2, which was granted for the product on July 1. Its estimated useful life is equal to its legal life of 20 years. Paid $12,800 to an Olympic athlete to appear in commercials advertising the company's products. The commercials will air in September. Acquired a second convright for $19.920 cash Copyright #2 has an estimated useful life of six years