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The intangible assets section of Indigo Corporation's balance sheet at December 31, 2022, is presented here.
Patents ($84,700 cost less $8,470 amortization) $76,230
Copyrights ($42,500 cost less $29,750 amortization) 12,750
Total $88,980
The patent was acquired in January 2022 and has a useful life of 10 years. The copyright was acquired in January 2016 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2023.
Problem (a) Prepare journal entries to record the transactions. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when 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.)
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