The intangible assets section of Sheffield Corporations balance sheet at December 31, 2017, is presented here.

Patents ($87,900 cost less $8,790 amortization)		$79,110
Copyrights ($38,000 cost less $26,600 amortization)		11,400
Total		$90,510

The patent was acquired in January 2017 and has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2018.

Jan.	2		Paid $63,000 legal costs to successfully defend the patent against infringement by another company.
Jan.	June		Developed a new product, incurring $257,000 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.
Sept.	1		Paid $53,500 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 $253,000. The copyright has a useful life and legal life of 50 years.

Your answer is partially correct. Try again. Prepare the intangible assets section of the balance sheet at December 31, 2018. Sheffield Corporation Balance Sheet (Partial) December 31, 2018 Intangible Assets Copyrights Patents Total Intangible Assets