View Policies Show Attempt History Current Attempt in Progress The intangible assets section of Sheffield Corporation's balance sheet at December 31, 2022, is presented here. Patents ($70,300 cost less $8,800 amortization) $61,500 Copyrights ($64,500 cost less $51.300 amortization) 13.200 Total $74.700 The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023 2 Jan-June Sept 1 Oct. 1 Paid $63.000 legal costs to successfully defend the patent against infringement by another company. Developed a new product, incurring $258,000 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 $40,000 Paid $47.000 to a quarterback to appear in commercials advertising the company's products. The commercials will air in September and October. Acquired a copyright for $247.000. The copyright has a useful life and legal life of 50 years.