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The intangible assets section of Tamarisk, lnc.'s balance sheet at December 31,2022, is presented here. Patents ($81,000 cost less $8,100 amortization) $72,900 Copyrights ($42,200 cost
The intangible assets section of Tamarisk, lnc.'s balance sheet at December 31,2022, is presented here. Patents ($81,000 cost less $8,100 amortization) $72,900 Copyrights ($42,200 cost less $29,540 amortization) 12,660 Total $85,560 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 $27,000 legal costs to successfully defend the patent against infringement by another company. Jan.July Developed a new product, incurring $131,000 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. Sept. 1 Paid $46,000 to a quarterback to appear in commercials advertising the company's products. The commercials aired in September. Oct. 1 Acquired a copyright for $149,000. The copyright has a useful life and legal life of 50 years. Date Account Titles and Explanation Debit Credit Jan. 2 Patents 27000 Cash 2700C Jan.-June 4 Research and Development Expense 131000 Cash 13100C July 1 Patents 20000 Cash 2000C Sept. 1 Advertising Expense 46000 Cash 4600C Oct. 1 Copyrights 149000 Cash 14900CDate Account Titles and Explanation Debit Credit [ Dec. 31 3] Amortization Expense 11600 Patents 1160C (To record patents amortization) I Dec' 31 3! Amortization Expense 4965 Copyrights 4965 (To record copyrights amortization) [ Intangible Assets 9] Patents $ 35400 Copyrights 144035 I Total Intangible Assets $] $ 179435 eTextbook and Media Assistance Used
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