The intangible assets section of Salmiento Corporation's balance sheet at December 31, 2010, is presented here. Patent ($82100 cost less $6,600 amortization) $75,500 Copyright ($38700 cost less $25,700 amortization) 13,000 Total $88500 The patent was acquired in January 2012and has a useful life of 10 years. The copyright was acquired in January 2006 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2013. Jan. 2 Paid $54,000 legal costs to successfully defend the patent against infringement by another company. Jan.-June Developed a new product, incurring $246,700 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 of 20 years. Legal and other costs for the patent were $10,000. Sept. 1 Paid $40,800 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October. Oct. 1 Acquired a copyright for $281,000. The copyright has a useful life of 50 years. Correct. Prepare journal entries to record the transactions. Date Account/Description Debit Credit Jan. 2 Patents 54,000 Cash 54,000 Jan-June Research and development expense 246,700 Cash 246,700 July 1 Patents 10,000 Cash 10,000 Sept 1 Advertising expense 40,800 Cash 40,800 Oct. 1 Copyright 281,000 Cash 281,000 Incorrect. HELP ON THIS! Prepare journal entries to record the 2013 amortization expense for intangible assets. Date Account/Description Debit Credit Dec. 31 Amortization expense-patents Patents (To record the amortization on patents.) Dec. 31 Amortization expense-copyright Copyright (To record the amortization on copyright.) Incorrect. HELP ON THIS!!! Prepare the intangible assets section of the balance sheet at December 31, 2012. Intangible assets: Patent $ Copyright Total intangible assets $