Acquisition and Amortization of Intangible Assets TLM Technologies had these transactions related to intangible assets during 2011 Jan. 2 Purchased a patent from Luna Industries for $200,000. The remaining legal life of the patent is 15 years and TLM expects the patent to be useful for 8 years. 5 Paid legal fees in a successful legal defense of the patent of $80,000. June 29 Registered a trademark with the federal government. Registration costs were $12,200. TLM expects to use the trademark indefinitely. Sept. 2 Paid research and development costs of $500,000. Hide 1. Prepare the journal entries necessary to record the transactions. 2011 Jan. 2 Patent 200000 Cash 200000 (Purchased patent) 2011 Jan. 5 Patent 80000 Cash 80000 2011 Dec. 31 Amortization Expense 35000 Patent 35000 (Record patent amortization) 2011 Dec. 31 No entry required No entry required (Record trademark amortization) Hide Feedback Correct Check My Work Feedback Patents are amortized over the shorter of its legal life or its economic life. Cost is allocated to the periods expecting to receive benefit on a straight-line basis. Trademarks have an indefiniteliti 3. What is the balance of the intangible assets at the end of 2011? Patent $ 24,500 12200 g Trademark