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 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. Oct. 1 Acquired a franchise for $122,000. The franchise has a useful life of 50 years. Nov.- Dec. 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. Prepare journal entries to record the transactions above. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Prepare journal entries to record the 2023 amortization expense for intangible assets. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit (To record patents amortization) (To record franchise amortization) Prepare the intangible assets section of the balance sheet at December 31, 2023. Sheffield Company Balance Sheet (Partial) $ $