The intangible assets section of Martinez Corporation's balance sheet at December 31,2017, is presented here. Patents ($78,100 cost less $7,810 amortization) Copyrights($42,000 cost less $29400 amortization) 12,600 $70,290 Total $82,890 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. Jan.- 2 June Paid $36,000 legal costs to successfully defend the patent against infringement by another company. Developed a new product, incurring $257,500 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 $10,000. Sept. 1 Paid $42,000 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 $261,000. The copyright has a useful life and legal life of 50 years Prepare the intangible assets section of the balance sheet at December 31,2018. Martinez Corporation Balance Sheet (Partial) December 31, 2018 Intangible Assets Patents 94480 Copyrights 268095 Total Intangible Assets 362575