The intangible assets section of Monty Corporation's balance sheet at December 31, 2022, is presented here. Patents ($77,700 cost less $7,770 amortization) $69,930 Copyrights ($44,000 cost less $30,800 amortization) 13,200 Total $83,130 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 $36,000 legal costs to successfully defend the patent against infringement by another company. Jan.- June Sept. 1 Oct. 1 Developed a new product, incurring $251,500 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 $20,000. Paid $68,500 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October. Acquired a copyright for $237,000. The copyright has a useful life and legal life of 50 years. The intangible assets section of Monty Corporation's balance sheet at December 31, 2022, is presented here. Patents ($77,700 cost less $7,770 amortization) $69,930 Copyrights ($44,000 cost less $30,800 amortization) 13,200 Total $83,130 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 $36,000 legal costs to successfully defend the patent against infringement by another company. Jan.- June Sept. 1 Oct. 1 Developed a new product, incurring $251,500 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 $20,000. Paid $68,500 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October. Acquired a copyright for $237,000. The copyright has a useful life and legal life of 50 years.