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The intangible assets and goodwill reported by Blossom Corporation at December $31,2023,$ follow:

A copyright $($#$1)$ was acquired on January $1,2022,$ and has a useful life of four years. The trademarks were acquired on January $1,$

$2020,$ and are expected to have an indefinite life. The company has a December $31$ year end and prepares adjusting journal entries

annually.

The following cash transactions may have affected intangible assets and goodwill during $2024$:

Jan. $5$ Paid $$7,610$ in legal costs to successfully defend the trademarks against infringement by another company.

July $1$ Developed a new product, incurring $$191,810$ in research and $$54,400$ in development costs with probable

future benefits. The product is expected to have a useful life of $20$ years.

Sept. $1$ Paid $$63,280$ to a popular hockey player to appear in commercials advertising the company's products. The

commercials will air in early September.

Oct. $1$ Acquired another copyright $($#$2)$ for $$150,000.$ The new copyright has a useful life of six years.

Dec. $31$ Determined the fair value of the goodwill to be $$95,150.$ There was no indication that the copyrights or

trademarks were impaired.

$($a$)$

Prepare journal entries to record the above transactions. $($List all debit entries before credit entries. Credit account titles are

automatically indented when the 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. Record journal entries in the order presented in the problem.$)$

Date

Account Titles and Explanation

$($To record research expense$)$

$($To record development costs$)$

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List of Accounts

Debit

Credit

$($To record research expense$)$

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