The intangible assets section of Swifty Corporation's balance sheet at December 31, 2022, is presented here. Patents ($87,500 cost less $7,600 amortization) Copyrights ($42,500 cost less $32,200 amortization) Total $79,900 10,300 $90,200 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 Paid $36,000 legal costs to successfully defend the patent against infringement by another company. Jan.- June Developed a new product, incurring $243,000 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 $30,000. Sept. 1 Paid $60,000 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October Oct. 1 Acquired a copyright for $217,000. The copyright has a useful life and legal life of 50 years. The intangible assets section of Swifty Corporation's balance sheet at December 31, 2022, is presented here. Patents ($87,500 cost less $7,600 amortization) Copyrights ($42,500 cost less $32,200 amortization) Total $79,900 10,300 $90,200 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 Paid $36,000 legal costs to successfully defend the patent against infringement by another company. Jan.- June Developed a new product, incurring $243,000 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 $30,000. Sept. 1 Paid $60,000 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October Oct. 1 Acquired a copyright for $217,000. The copyright has a useful life and legal life of 50 years