Current Attempt in Progress The intangible assets section of Pina Corporation's balance sheet at December 31, 2022, is presented here. Patents ($73,300 cost less $6,900 amortization) $66,400 Copyrights ($57,000 cost less $46,700 amortization) 10.300 Total $76,700 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 $54,000 legal costs to successfully defend the patent against infringement by another company. Jan.- June Developed a new product, incurring $241,500 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 $20,000. Sept. 1 Paid $68,000 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 $275,000. The copyright has a useful life and legal life of 50 years.Prepare journal entries to record the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 2 Patents 54000 Cash 54000 Jan.-June Research and Development Expense 241500 Cash 241500 July 1 Patents 20000 Cash 20000 Sept. 1 Advertising Expense 68000 Cash 68000 Oct. 1 v Copyrights 275000 Cash 275000Prepare journal entries to record the 2023 amortization expense for intangible assets. (Credit account titles are automatically indented when amount is entered. Do not indent manually. 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 Dec. 31 Amortization Expense 7400 Patents 7400 (To record amortization of patents) Dec. 31 Amortization Expense 27500 Copyrights 27500 (To record amortization of copyrights)