Question

CES Problem 9-5A (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 $7,100 amortization) Copyrights ($42,000 cost less $31,500 amortization) Total $82,800 10,500 $93,300 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 $45,000 legal costs to successflly defend the petent against infringement by another company. an,- June Developed a new product, incurring $260,000 in research and development costs. A patent was granted for the product on July 1, and its useful life is equal to Sept 1 Paid $68,500 to a quarterback its legal life. Legal and other costs for the patent were $30,000. to appear in commercials advertising the company's products. The commercials wll air in September and October Oct 1 Acquired a copyright for $203,000.The copyright has a useful life and legal lif of so years