The intangible assets section of Sarasota Corporation's balance sheet at December 31, 2022, is presented here. Patents ($80,800 cost less $6,700 amortization) Copyrights ($46,000 cost less $35,500 amortization) $74,100 10,500 Total $84,600 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 $36,000 legal costs to successfully defend the patent against infringement by another company. Jan- June Sept. 1 Developed a new product, incurring $32,000 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 $40,000. Paid $49,500 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 $298,000. The copyright has a useful life and legal life of 50 years. account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation an. 21 Patents Cash Debit Credit 36000 an-June: Research and Development Expense) 232.000 Cash uly 1 Patents 40,000 36000 232,000 Cash 40000 ept. 1 Advertising Expense 49500 vertising Expense Cash 49500 Oct. 1 Copyrights 298000 Cash 298000 indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Dec. 31 Dec. 31 (To record amortization of patents) (To record amortization of copyrights) eTextbook and Media List of Accounts Save for Later Debit Credit Attempts: 0 of 3 used Submit