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The intangible assets and goodwill reported by Sheridan Corporation at December 31, 2020, follow: $35,920 17,960 Copyrights (#1) Less: Accumulated amortization Trademarks Goodwill Total $ 17,960 54,630 116,150 $188,740 5 A copyright (#1) was acquired on January 1, 2019, and has a useful life of four years. The trademarks were acquired on January 1. 2017 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 2021 Jan Paid $7,650 in legal costs to successfully defend the trademarks against infringement by another company, July Developed a new product, incurring $208,200 in research and $47,300 in development costs with probable future benefits. The product is expected to have a useful life of 22 years. Sept. Paid $63.560 to a popular hockey player to appear in commercials advertising the company's products. The commercials will air in early September Oct. Acquired another copyright (#2) for $168,000. The new copyright has a useful life of six years. Dec. 31 Determined the fair value of the goodwill to be $93,320. There was no indication that the copyrights or trademarks were impaired. 1 1 1 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 for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit Jan. 5 Trademarks 7650 Cash 765 July 1 > Research Expenses 208200 Cash 20820 reco research expense) Development Costs July 1 47300 Cash 4730 (To record development costs) Advertising Experise Sept. 1 63560 Cash 6356 Oct 1 Copyrights 168000 Cash Activate 16800 Go to Setting Prepare any adjusting journal entries required at December 31 (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275. If no entry is required, select "No Entry" for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit Amortization Expense Accumulated Amortization - Copyrights (To record amortization on copyrights acquired on January 1, 2019) Dec. Amortization Expense Dec. 31 8980 8980 31 7000 7000 Accumulated Amortization - Copyrights (To record amortization on copyrights acquired on October 1, 2021) Dec. 31 Amortization Expense 1075 Accumulated Amortization - Development Costs (To record amortization expense on development cost) 1075 Dec. 31 Impairment Loss 22830 Goodwill 22830 Activate Wind Show the presentation of the intangible assets and goodwill on the statement of financial position at December 31, 2021. (List Intangible assets in order of Finite Life Intangible Assets and indefinite-life Intangible Assets. Record Development Costs before Copyrights.) SHERIDAN CORPORATION Statement of Financial Position (Partial) Assets Intangible assets: $ $ Activate Windo Go to Settings to do That

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