Problem 9-10A a-c (Part Level Submission) The intangible assets and goodwill reported by Wildhorse Corporation at December 31, 2017, follow: Copyrights Less: Accumulated amortization Trademarks $39,580 19,790 $ 19,790 54,620 128,850 $203,260 Goodwill Total A copyright (#1) was acquired on January 1, 2016, and has a useful life of four years. The trademarks were acquired on January 1, 2014, 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 2018: Jan. July 5 1 Paid $7,470 in legal costs to successfully defend the trademarks against infringement by another company. Developed a new product, incurring $218,380 in research and $53,400 in development costs with probable future benefits. The product is expected to have a useful life of 20 years. Paid $58,870 to a popular hockey player to appear in commercials advertising the company's products. The commercials will air in early September. Acquired another copyright (#2) for $176,080. The new copyright has a useful life of four years. Determined the recoverable amount of the goodwill to be $93,320. There was no indication that the copyrights or trademarks were impaired. Sept. Oct. Dec. 1 1 31 (c) Show the presentation of the intangible assets and goodwill on the statement of financial position at December 31, 2018. (List Intangible assets in order of Finite Life Intangible Assets and Indefinite-life Intangible Assets. Record Development Costs before Copyrights.) WILDHORSE CORPORATION Statement of Financial Position (Partial) Assets