The intangible assets and goodwill reported by Ivanhoe Corporation at December 31, 2020, follow: Copyrights (#1) $35,740 Less: Accumulated amortization 17,870 $ 17,870 Trademarks 50,390 Goodwill 119,060 Total $187,320 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 $6,920 in legal costs to successfully defend the trademarks against infringement by another company. Developed a new product, incurring $201,940 in research and $49,500 in development costs with probable future benefits. The product is expected to have a useful life of 18 years. Paid $55,670 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 $159,000. The new copyright has a useful life of six years. Determined the fair value of the goodwill to be $86,270. There was no indication that the copyrights or trademarks were impaired. Oct. 1 Dec. 31 IVANHOE CORPORATION Statement of Financial Position (Partial) December 31, 2021 Assets Intangible assets: $ $ $ $