The intangible assets section of Novak Company at December $31,2022,$ is presented here.

Jan. $2$ Paid $$24,300$ legal costs to successfully defend the patent against infringement by another company.

Sept. Paid $$47,000$ to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials aired in September and October.

Oct. $1$ Acquired a franchise for $$132,600.$ The franchise has a useful life of $50$ years.

Nov.$-$ Developed a new product, incurring $$143,000$ in research and development costs during December. A patent was granted for the product on January $1,2024.$

$($a$)$

$($b$)$

amounts.$)$

Account Titles and Explanation

$($To record patents amortization$)$

$($To record franchise amortization$)$

$($c$)$

Prepare the intangible assets section of the balance sheet at December $31,2023.$

Novak Company

Balance Sheet $($Partial$)$

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