The intangible assets section of Glover Company at December 31, 2013, is presented below. Patents ($71,400 cost less $7,140 amortization) $64,260 Franchises ($47,000 cost less $18,800 amortization) 28,200 Total $92,460 The patent was acquired in January 2013 and has a useful life of 10 years. The franchise was acquired in January 2010 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2014. Jan. 2 Paid $40,590 legal costs to successfully defend the patent against infringement by another company. Jan.June Developed a new product, incurring $145,440 in research and development costs. A patent was granted for the product on July 1. Its useful life is equal to its legal life. Sept. 1 Paid $50,200 to an extremely large defensive lineman to appear in commercials advertising the companys products. The commercials will air in September and October. Oct. 1 Acquired a franchise for $165,000. The franchise has a useful life of 50 years. Prepare journal entries to record the transactions above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Prepare journal entries to record the 2014 amortization expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31 (To record patents amortization.) Dec. 31 (To record franchises amortization.) Show List of Accounts Link to Text Link to Text Prepare the intangible assets section of the balance sheet at December 31, 2014. GLOVER COMPANY Balance Sheet (Partial) December 31, 2014 $ $ Click if you would like to Show Work for this question: Open Show Work Show List of Accounts Link to Text Link to Text