The intangible assets section of Monty Corporations balance sheet at December 31, 2017, is presented here.

Patents ($ 71,300 cost less $ 7,130 amortization)		$ 64,170
Copyrights ($ 43,500 cost less $ 30,450 amortization)		13,050
Total		$ 77,220

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 $ 27,000 legal costs to successfully defend the patent against infringement by another company.
Jan.	June		Developed a new product, incurring $ 239,500 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 $ 54,500 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 $ 208,000. The copyright has a useful life and legal life of 50 years.

I FINISHED PART A.

B) Prepare journal entries to record the 2018 amortization expense for intangible asset. C) Prepare the intangible assets section of the balance sheet at December 31, D) Prepare the note to the financials on Times intangibles as of December 31

Oct. 1 Acquired a copyriaht for $208,000. The copyright has a useful life and Iceal life of 50 ycars. Your answer ls correct Prepare journal entries to record the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entryfor the o Date Account Titles and Explanation Debit Credit Jan. 2 | Patents 27,000 Cash 27,000 Jan.-June | | Research and Development Expense 239,500 Cash 239,500 July 1 Patents 10,000 Cash 10,000 Sept. 1 |Advertising Expense 54,500 Cash 54,500 Oct. 1Copyrights 208,000 Cash cTextbook and Media List of Accounts Prepare journal entries to record the 2018 amortization expense for intangible assets. (Credit account titles ore automaticolly indented when amount is entered. Do not indent manually. If no entry is required, select 'No Entry" for the account titles and enter Of Date Account Titles and Explanation Debit Credit Dec. 31