Problem 9-SA (Part Level Submission) The intangible assets section of Culver Corporation's balance sheet at December 31, 2017, is presented here. Patents ($89,900 cost less $8,990 amortization) $80,910 Copyrights ($42,000 cost less $29,400 amortization) _12,600 Total $93.510 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. 2 Paid $45,000 legal costs to successfully defend the patent against infringement by another company. Jan. Jan.- June Developed a new product, incurring $260,000 in research and development costs. A patent was granted for the atent was product on July 1, and its useful life is equal to its legal life. Legal and other costs for the patent were $30,000. 1Paid $68,500 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October. 1 Acquired a copyright for $203,000. The copyright has a useful life and legal life of S0 years. Sept. Oct (a) Your answer is correct Prepare joumal entries to record the transactions. (Record entries in the order displayed in the problem statement. Credit account tities 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.) Account Titles and Esplanation Date Debi Credit Patents 45000 Jan. 2 45000 Cash Research and Development Expense Jan-June 260000 260000 Cash 30000 July 1 Patents 30000 Cash Advertising Expense 68500 Sept. 1 Cash 68500 Copyrights Oct. 1 203000 203000 Cash Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LENK TO TEXT LINK TO TEXT VIDEO: SIMILAR PROBLEM Attempts: 2 of 3 used (b) Your answer is partially correct. Try again. Prepare journal entries to record the 2018 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.) Account Tles and Explanation Date Debit Credit Dec. 31 Amortization Expense 8990