The intangible assets and goodwill reported by Oriole Corporation at December 31, 2020, follow: Copyrights (#1) $36,600 Less: Accumulated amortization 18,300 $18,300 Trademarks 50,110 Goodwill 122,680 Total $191,090 n 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 Oct. 1 Dec. 31 Paid $6,780 in legal costs to successfully defend the trademarks against infringement by another company. Developed a new product, incurring $220,250 in research and $52,400 in development costs with probable future benefits. The product is expected to have a useful life of 20 years. Paid $55,050 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 $162,000. The new copyright has a useful life of six years. Determined the fair value of the goodwill to be $86,260. There was no indication that the copyrights or trademarks were impaired.