10.800 2 P9.7A (LO.4.5), AP The intangible assets section of Amato Corporation's balance sheet at December 31, 2022, is presented here. Patents ($60,000 cost less $6,000 amortization) $54.000 Copyrights ($36,000 cost less $25,200 amortization) Total $64.800 The patent was acquired in January 2032 and has a useful life of 10 years. The copyright was aoquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. Paid $46.800 legal costs to successfully defend the patent against infringement by another company. Jan-July Developed a new product, incurring $230,000 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 $40,000 to a quarterback to appear in commercials advertising the company's products. The commercials aired in September 1 Acquired a copyright for $200,000. The copyright has a useful life and legal life of so years. Instructions a. Prepare journal entries to record the transactions, b. Prepare journal entries to record the 2023 amortization expense for intangible assets. c. Prepare the intangible assets section of the balance sheet at December 31, 2023 c. Tot intangibles $315.300 d. Prepare the note to the financial statements on Amato Corporation's intangible assets as of December 31, 2023. Prepare entries to correct errors in recording and amortizing intangible assets. Oct