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The intangible assets section of Larkspur, Inc.'s balance sheet at December 31, 2022, is presented here. Patents ($66,000 cost less $6,600 amortization) Copyrights ($53,500 cost
The intangible assets section of Larkspur, Inc.'s balance sheet at December 31, 2022, is presented here. Patents ($66,000 cost less $6,600 amortization) Copyrights ($53,500 cost less $37,450 amortization) Total Jan. 2 Jan.-July 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. Sept. 1 $59,400 Oct. 1 16,050 $75,450 Paid $27,000 legal costs to successfully defend the patent against infringement by another company. Developed a new product, incurring $143,000 in research and development costs during February. 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 $20,000. Paid $47,000 to a quarterback to appear in commercials advertising the company's products. The commercials aired in September. Acquired a copyright for $132,000. The copyright has a useful life and legal life of 50 years.
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