The intangible assets section of Salmiento Corporations balance sheet at Decem- ber 31, 2010, is presented here. Patents ($60,000 cost less $6,000 amortization) $54,000 Copyrights ($36,000 cost less $25,200 amortization) 10,800 Total $64,800 The patent was acquired in January 2010 and has a useful life of 10 years. The copyright was acquired in January 2004 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2011. Jan. 2 Paid $45,000 legal costs to successfully defend the patent against in- fringement by another company. Jan.June Developed a new product, incurring $210,000 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 $20,000. Sept. 1 Paid $40,000 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 $200,000. The copyright has a useful life and legal life of 50 years. Instructions (a) Prepare journal entries to record the transactions. (b) Prepare journal entries to record the 2011 amortization expense for intangible assets. (c) Prepare the intangible assets section of the balance sheet at December 31, 2011. (d) Prepare the note to the financial statements on Salmiento Corporations intangible assets as of December 31, 2011.