Question: Prepare journal entries to record the 2017 amortization expense for intangible assets.

Problem 9-7B (Part Level Submission) The intangible assets section of Cullumber Company at December 31, 2016, is presented below. Patents (78,300 cost less 7,830 amortization) Copyrights (42,700 cost less 17,080 amortization) Total 70,470 25,620 96,090 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 39,870 legal costs to successfully defend the patent against infringement by another company. Jan. - June Developed a new product, incurring 119,170 in research costs and 114,600 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 159,100 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 153,000. The copyright has a useful life of 40 years