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Unit 3 Assignment

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a

b&c

Current Attempt In Progress The intangible assets section of Martinez Company at December 31, 2022, is presented here 562.100 Patents (569.000 cost less 56,900 amortization) Franchises ($50.400 cost less $20,160 amortization) 30.240 Total $92340 The patent was acquired in January 2022 and has a useful life of 10 years. The franchise was acquired in January 2019 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan. 2. Sept. 1 Paid $26,100 legal costs to successfully defend the paent against infringement by another company. Paid $54,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials aired in September and October Acquired a franchise for $110,000. The franchise has a useful life of 50 years. Developed a new product, incurring S142.000 in research and development costs during December. A patent was granted for the product on January 1, 2024. Oct. 1 Nov- Dec (a) Prepare journal entries to record the transactions above. (List all debit entries before credit entries Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit > > e Textbook and Media List of Accounts

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