The intangible assets section of Splish Brothers Inc.s balance sheet at December 31, 2022, is presented here. $54,900 Patents ($61,000 cost less $6,100 amortization) Copyrights ($47,400 cost less $33,180 amortization) Total 14,220 $69,120 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 Jan.- July Paid $27,000 legal costs to successfully defend the patent against infringement by another company. Developed a new product, incurring $147,000 in research and development costs during February. 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. Paid $46,000 to a quarterback to appear in commercials advertising the company's products. The commercials aired in September Acquired a copyright for $147,000. The copyright has a useful life and legal life of 50 years. Sept. 1 Oct. 1 (a) Your answer is correct. Prepare journal entries to record the transactions. (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 for the amounts.) Date Account Titles and Explanation Debit Cre Jan. 2. Patents 27000 Cash Jan.- June V Research and Development Expense 147000 Cash July 1 Patents 20000 Cash Sept. 1 Advertising Expense 46000 Cash Oct. 1 Copyrights 147000 Cash e Textbook and Media Assistance Used List of Accounts Attempts: 1 of 3 used (b) Your answer is partially correct. Prepare journal entries to record the 2023 amortization expense for intangible assets. (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 for the amounts.) Account Titles and Explanation Debit Credit Amortization Expense 20000 Patents 20000 (To record patents amortization) Amortization Expense 5475 Copyrights 5475 (To record copyrights amortization)