The intangible assets section of Concord Corporation's balance sheet at December 31, 2022, is presented here. Patents ($76,100 cost less $7,610 amortization) Copyrights ($62,000 cost less $43,400 amortization) $68,490 18,600 Total $87,090 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 $36,000 legal costs to successfully defend the patent against infringement by another company. Developed a new product, incurring $257,500 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 $40,000. Paid $54,500 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October. Acquired a copyright for $237,000. The copyright has a useful life and legal life of 50 years. Prepare journal entries to record the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit