The intangible assets section of Concord Company at December 31, 2022, is presented here. Patents ($67,000 cost less $6.700 amortization) $60,300 Franchises ($49,300 cost less $19,720 amortization) Total 29,580 $89,880 The patent was acquired in January 2022 and has a useful life of 10 years. The franchise was acquired in January 2019 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 21 Sept. 1 Oct. 1 Nov- Dec. Paid $31,500 legal costs to successfully defend the patent against infringement by another company. Paid $54,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials aired in September and October. Acquired a franchise for $138,600. The franchise has a useful life of 50 years. Developed a new product, incurring $139,000 in research and development costs during December. A patent was granted for the product on January 1, 2024,