The intangible assets section of Ayayai Corporation's balance sheet at December 31, 2022, is presented here. Patents ($70,300 cost less $7,030 amortization) $63,270 Copyrights ($40,000 cost less $28,000 amortization) 12,000 Total $75,270 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Jan.- June Sept. 1 Oct. 1 Paid $63,000 legal costs to successfully defend the patent against infringement by another company. Developed a new product, incurring $257,000 in research and development costs. A patent was granted for the product on July 1, and its useful life is equal to its legal life. Legal and other costs for the patent were $30.000. Paid $66,500 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October. Acquired a copyright for $222,000. The copyright has a useful life and legal life of 50 years.