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The intangible assets section of the balance sheet for Venable Company at December 31, 2014 is presented here:

Patents ($70,000 cost less $7000 amortization) $63,000

Copyrights ($48,000 cost less $18000 amorization) $30,000

Total $93,000

The patentw as acquired January 2014 and has auseful halflife of 10 years. the cpyright was acquired in January 2012 and also has a useful life 8 years THe following cash ransctions may have affected tangible assets during 2015

Jan 2: Paid $45,000 legal costs to successfully defend the patent against infringment by another company;

Jan - June: devoped a new product, incurring $220,000 in Reserach and development costs. a parent was granted fro the product on July 1, and its useful life is equal to its legal life. Legal and other cots for the patent were $22,000;

Sept 1: paid $110,000 to an extremly large defense lineman to appear in commercials advertising the company's products. The commercials will air in Sept. and Oct;

Oct 1: acquired a copy right for $120,000. the copy right has a useful life and legal life of 50 years

Instructions:

(a) prepare journal entires to record the transactions

(b) prepare jounral entires to record the 2015 amorization expense (SHOW ALL WORK)

(c) Prepare the intangible assets section of the balance sheet at Decemebr 31, 2015

(d) Prepare the note to the financial statemetns on Venable Company's intangible assets of December 31, 2015.

Please show all work. The answer says (c) is Total intaginable 260,850. I redid the probems four times and I am still getting the wrong answer. So I am messing up along (a).

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