The intangible assets section of Culver Corporation's balance sheet at December 31, 2022. is presented here Patents($78,900 cost less $9.000 amortization) Copyrights ($53,000 cost less $38,100 amortization) $69.900 14,900 $84,800 Total 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 Paid $54.000 legal costs to successfully defend the patent against infringement by another company. Jan - June Developed a new product, incurring $248,500 in research and development costs. A patent was granted for the product on July 1, and its useful life is equar to its legal life. Legal and other costs for the patent were $10,000. Sept. 1 Paid $56,500 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 $258,000. The copyright has a useful life and legal life of 50 years. - Your answer is partially 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 san 2 Patents 54,000 Cash 54.000 Date Account Titles and Explanation Debit Credit Jan. 2 Patents 54,000 Cash 54,000 Jan-June Research and Development Expense 248,500 Cash 248,500 July 1 Patents 10,000 Cash 10,000 Sept. 1 v Advertising Expense 56,500 Cash 56,500 Oct. 1 v Copyrights 258,000 Cash 258,000 Date Account Titles and Explanation Debit Credit Dec. 31 Amortization Expense Patents (To record amortization of patents) Amortization Expense Dec. 31 Copyrights (To record amortization of copyrights) Prepare the intangible assets section of the balance sheet at December 31, 2023. Culver Corporation Balance Sheet (Partial) December 31, 2023 Intangible Assets - Patents Copyrights >