Problem 9-5A (Part Level Submission)

The intangible assets section of Swifty Corporations balance sheet at December 31, 2017, is presented here.

Patents ($84,600 cost less $8,460 amortization)		$76,140
Copyrights ($37,500 cost less $26,250 amortization)		11,250
Total		$87,390

The patent was acquired in January 2017 and has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2018.

Jan.	2		Paid $54,000 legal costs to successfully defend the patent against infringement by another company.
Jan.	June		Developed a new product, incurring $237,500 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 $10,000.
Sept.	1		Paid $43,500 to a quarterback to appear in commercials advertising the companys products. The commercials will air in September and October.
Oct.	1		Acquired a copyright for $289,000. The copyright has a useful life and legal life of 50 years.

Prepare the intangible assets section of the balance sheet at December 31, 2018.