The intangible assets section of Nash Company at December 31, 2016, is presented below. Patents (63,900 cost less 6,390 amortization) Copyrights (E53,600 cost less 21,440 amortization) Total 57,510 32,160 89,670 The patent was acquired in January 1, 2016 and has a useful life of 10 years. The copyright was acquired in January 1, 2013 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2017. Jan. 2 Jan. - June Paid 45,630 legal costs to successfully defend the patent against infringement by another company. Developed a new product, incurring 115,460 in research costs and 103,330 in development costs prior to technological feasibility. A patent was granted for the product on July 1. Its useful life is equal to its legal life. Paid 111,100 to an X-Games star to appear in commercials advertising the company's products. The commercials will air in September and October. Acquired a copyright for 148,000. The copyright has a useful life of 40 years. Sept. 1 Oct. 1 (a) 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 (a) 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 By accessing this Question Assistance, you will learn while you earn points based on the Point Potential Policy set by your instructor