During 2014, Blackmud Research Had the Following Transactions for Cash

Essay

During 2014, Blackmud Research had the following transactions for cash. This is Blackmud's first year of operations.
Mar 1 Registered a new patent, with a legal life of 20 years, at a cost of $30,000.
Jun 30 Incurred research costs of $68,000.
Aug 1 Incurred development costs of $50,000 related to a product that meets the standards required for capitalization of costs. The costs are expected to provide commercial benefits for 5 years.
Aug 31 Purchased a trademark with an indefinite life for $102,000.
Nov 1 Purchased software copyright for $300,000. The copyright has a remaining legal life of 30 years, and the related software is expected to produce revenue for 6 years.
Instructions
a. Record the transactions.
b. Prepare the section of the December 31, 2014 balance sheet of Blackmud Research that reports intangible assets. Show calculations where applicable.