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The intangible assets section of Swifty Company at December 3 1 , 2 0 2 2 , is presented here. The patent was acquired in

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
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