The intangible assets section of Flounder Corporations balance sheet at December 31, 2017, is presented here. Patents ($76,900 cost less $7,690 amortization) $69,210 Copyrights ($48,000 cost less $33,600 amortization) 14,400 Total $83,610 The patent was acquired in January 2017 and has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2018. Jan. 2 Paid $54,000 legal costs to successfully defend the patent against infringement by another company. Jan. June Developed a new product, incurring $243,500 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 $30,000. Sept. 1 Paid $50,000 to a quarterback to appear in commercials advertising the companys products. The commercials will air in September and October. Oct. 1 Acquired a copyright for $249,000. The copyright has a useful life and legal life of 50 years. Prepare journal entries to record the transactions.