The intangible assets section of Sheffield Company at December 31, 2022, is presented here. Patents ($77,000 cost less $7,700 amortization) $69,300 Franchises ($37,200 cost less $14,880 amortization) 22.320 Total $91,620 The patent was acquired in January 2022 and has a useful life of 10 years. The franchise was acquired in January 2019 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2 Paid $19.800 legal costs to successfully defend the patent against infringement by another company Sept. 1 Oct. 1 Nov- Dec Paid $52,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials aired in September and October Acquired a franchise for $122,000. The franchise has a useful life of 50 years. Developed a new product, incurring $145,000 in research and development costs during December. A patent was granted for the product on January 1.2024.