The red portion is incorrect. If you could pleasel et me know how you came up with your answer. Thank you!

The intangible assets section of Sappelt Company at December 31, 2014, is presented below Patents ($71,000 cost less $7,100 amortization) Franchises ($41,000 cost less $16,400 amortization) $63,900 24,600 $88,500 Total The patent was acquired in January 2014 and has a useful life of 10 years. The franchise was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2015 Jan. 2 Jan.-June Sept. 1 Oct.1 Paid $25,290 legal costs to successfully defend the patent against infringement by another company Developed a new product, incurring $148,440 in research and development costs. A patent was granted for the product on July 1. Its useful life is equal to its legal life Paid $54,920 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials will air in September and October Acquired a franchise for $125,000. The franchise has a useful life of 50 years Your answer is correct. Prepare journal entries to record the transactions above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Date Account Titles and Explanation DebitCredit Jan. 2Patent Jan. 2 Patents 5290 5290 148440 54920 25000 Cash Jan.-June Research and Development Expense 1 48440 Cash 54920 Sept. 1 dvertising Expens Cash Oct. 1 ranchises 2500 Cash Your answer is partially correct. Try again Prepare journal entries to record the 2015 amortization expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)