The intangible assets section of Concord Corporation's balance sheet at December 31, 2022. Is presented here. Patents ($76,100 cost less $6,900 amortization) Copyrights ($62,000 cost less $47.700 amortization) Total $69.200 14,300 $83,500 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 Pald $36,000 legal costs to successfully defend the patent ainst Infringement by another company Jan. June Developed a new product, incurring $257,500 in research and development costs. Apatent 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, Sept. 1 Paid $54,500 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October Oct. 1 Acquired a copyright for $237,000. The copyright has a useful life and legal life of 50 years Your answer is correct. 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 for the amounts Date Account Titles and Explanation Debit Credit Jan.2 Patents 36000 Cash 36000 Jan-June Research and Development Expense 257,500 Cash 257500 July 1 : Patents 40000 Cash 40000 Sept. 1 54500 Advertising Expense : Cash 54500 Oct. 1 Copyrights 237000 Cash 237000 Prepare journal entries to record the 2023 amortization expense for intangible assets. (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 for the amounts.) Date Account Titles and Explanation Credit Dec. 31 Amortization Expense Patents (To record amortization of patents) Dec. 31 Amortization Expense Cash (To record amortization of copyrights)