The intangible assets section of Swifty Company at December $31,2022,$ is presented here.

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 $$36,900$ legal costs to successfully defend the patent against infringement by another company.

Sept. Paid $$49,000$ to an extremely large defensive lineman to appear in commercials advertising the company's products. The

$1$ commercials aired in September and October.

Oct. $1$ Acquired a franchise for $$119,000.$ The franchise has a useful life of $50$ years.

Nov.$-$ Developed a new product, incurring $$132,000$ in research and development costs during December. A patent was

Dec. granted for the product on January $1,2024.$

$($a$)$

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 $0$ for the amounts.$)$

Date

Account Titles and Explanation

Debit

Credit