The intangible assets section of Pina Corporations balance sheet at December 31, 2017, is presented here. Patents ($75,100 cost less $7,510 amortization) $67,590 Copyrights ($65,500 cost less $45,850 amortization) 19,650 Total $87,240 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 $54,000 legal costs to successfully defend the patent against infringement by another company. Jan. June Developed a new product, incurring $255,500 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 $30,000. Sept. 1 Paid $69,500 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 $254,000. The copyright has a useful life and legal life of 50 years.