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part c required in a correct way

The intangible assets section of Nash Company at December 31, 2016, is presented below. Patents (63,900 cost less 6,390 amortization) Copyrights (53,600 cost less 21,440 amortization) Total 57,510 32,160 89,670 The patent was acquired in January 1, 2016 and has a useful life of 10 years. The copyright was acquired in January 1, 2013 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2017. Jan. 2 Paid 45,630 legal costs to successfully defend the patent against infringement by another company. Jan.-June Developed a new product, incurring 115,460 in research costs and 103,330 in development costs prior to technological feasibility. A patent was granted for the product on July 1. Its useful life is equal to its legal life. Sept. 1 Paid 111,100 to an X-Games star to appear in commercials advertising the company's products. The commercials will air in September and October. Oct. 1 Acquired a copyright for 148,000. The copyright has a useful life of 40 years. v (a) Your answer is correct. Prepare journal entries to record the transactions above. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Jan. 2 Patents 45630 cash 45630 Jan. - June Research and Developmen 2187901 Cash 218790 Sept. 1 TAdvertising Expense 111100 Cash 111100 Oct. 1 Copyrights 148000 cash 148000 AUTOCOOLITO Your answer is correct. Prepare journal entries to record the 2017 amortization expense for intangible assets. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec. 31Amortization Expense 11460 Patents 11460 (To record patents amortization.) Dec. 314 Amortization Expense 6285 6285 Copyrights (To record copyrights amortization.) (c) Your answer is partially correct. Try again. Prepare the intangible assets section of the statement of financial position at December 31, 2017. NASH COMPANY Partial Statement of Financial Position For the Year Ended December 31, 2017 Intangible Assets Patents 91580 Copyrights 173875 Total Intangible Assets 265455