The intangible assets section of Cedeno Corporation's balance sheet at December 31,2014 is presented here,

Patents ($60,000 cost less $6,000 amortization) $54,000

Copyrights($36,000 Cost less $25,200 Amortizization 10,800

$64,000

The patent was acquired in January 2014 and has a useful life of 10 years. The copyright was acquired in January 2008 and also has a useful life of 10. the following cash transactions may have affected intangible assets during 2015.

Jan. 2 Paid $46,800 legal costs to successfully defend the patent against infringement by another company.

Jan.-June Developed a new product, incurring $230,000 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 $20,000.

Sept. 1 Paid $40,000 to a quarter back to appear in commercials advertising the company's products. The commercials will air in September and October.

Oct. 1 Acquired a copright for $200,000. The copyright has a useful ife and legal life of 50 years.

Instructions:

(a) Prepare journal entries to record the transactions

(b) Prepare journal entries to record the 2015 amortization expense for intangible assets.

(c) Prepare the intangible assets section of the balance sheet at december 31,2015.

(d) Prepare the note to the financial statements on Cedeno Corporation's intangibleassets as of December 31, 2015.