The intangible assets and goodwill reported by Oriole Corporation at December 31, 2020, follow $36,100 Copyrights (1) 18,050 $ 18,050 Less: Accumulated amortization Trademarks 54,680 124,070 Goodwill $196,800 Total 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 $7,370 in legal costs to successfully defend the trademarks against infringement by another company. Developed a new product, incurring $222,580 in research and $46,600 in development costs with probable future benefits. The product is expected to have a useful life of 20 years. Paid $61,820 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 $98,650. There was no indication that the copyrights or trademarks were impaired. Oct. 1 Dec 31 Statement of Financial Position (Partial) December 31, 2021 Assets angible assets: Intangible Assets and Goodwill Copyrights 195100 Less Accumulated Amortization. Copyrights 33700 $ 161 Research Expenses 269180 Less: Accumulated Amortization. Copyrights 2330 266 Indehite-Life Intangible Assets Trademarks 62 Intangible Assets and Goodwill 98 TotalIntangible assets 589 Intangible Assets and Goodwill Finite Life Intangible Assets Indefinite-Life Intangible Assets Total Intangible Assets and Goodwill Accumulated Amortization-Other Finite-Life Intangible Assets Total Finite-Life Intangible Assets