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The intangible assets and goodwill reported by Sheridan Corporation at December 31, 2020, follow: A copyright (\#1) was acquired on January 1.2019, and has a useful life of four years. The trademarks were acquired on January 1 , 2017, and are expected to have an indefinite life. The company has a December 31 year end and prepares adjusting journal entries annually. The following cash transactions may have affected intangible assets and goodwill during 2021 : Jan. 5 Paid 57,630 in legal costs to stccessfully defend the trademarks against infringement by another company. July 1. Developed a new product, incurring $197.670 in research and $51.400 in development costs with probable future benefits. The product is expected to have a useful life of 20 years. A copyright (\#1) was acquired on January 1, 2019, and has a useful life of four years. The trademarks were acquired on January 1. 2017, and are expected to have an indefinite life. The company has a December 31 year end and prepares adjusting journal entries annually. The following cash transactions may have affected intangible assets and goodwill during 2021: Jan. 5 Paid $7,630 in legal costs to successfully defend the trademarks against infringement by another company. July 1 Developed a new product, incurring $197,670 in research and $51,400 in development costs with probable future benefits. The product is expected to have a useful life of 20 years. Sept. 1 Paid $64,660 to a popular hockey player to appear in commercials advertising the company's products. The commercials will air in early September. Oct. 1 Acquired another copyright ("2) for $165,000. The new copyright has a useful life of six years. Dec. 31 Determined the fair value of the goodwill to be $90,590. There was no indication that the copyrights or trademarks were impaired. Prepare any adjusting journal entries required at December 31. (Uist all debit entries before credit entries. Credit account tities are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, es. 5,275, If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Accumulated Amortization - Copyrights (To record amortization on copyrights acquired on October 1,2021) Dec. Amortization Expense 31 Accumulated Amortization-Development Costs (To record amortization expense on development cost) Dec. Imbairment Loss 31