The intangible assets section of Pharoah Company's balance sheet at December 31, 2022, is presented here. Patents ($ 62,000 cost less $6,200 amortization) $ 55,800 Copyrights ($ 53,300 cost less $ 37,310 amortization) 15,990 Total $ 71,790 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 $ 27,000 legal costs to successfully defend the patent against infringement by another company. Jan.-July Developed a new product, incurring $ 133,000 in research and development costs during February. 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. Sept. 1 Paid $ 46,000 to a quarterback to appear in commercials advertising the company's products. The commercials aired in September Oct. 1 Acquired a copyright for $ 120,000. The copyright has a useful life and legal life of 50 years. Prepare the intangible assets section of the balance sheet at December 31, 2023. Pharoah Company Balance Sheet (Partial) $ $