Please help me to solve this problem The intangible assets section of Sheffield Company at December 31, 2022, is presented here.Patents ($77,000 cost less $7.700 amortization)$69,300Franchises ($37.200 cost less $14,880 amortization)22.320Total$91,620The patent was acquired in January 2022 and has a useful life of 10 years. The franchise was acquired in January 2019 and also has auseful life of 10 years. The following cash transactions may have affected intangible assets during 2023.Jan. 2Paid $19,800 legal costs to successfully defend the patent against infringement by another company.Sept.1Paid $52,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. Thecommercials aired in September and October.Oct. 1Acquired a franchise for $122,000. The franchise has a useful life of 50 years.Nov-Developed a new product, incurring $145,000 in research and development costs during December. A patent wasgranted for the product on January 1, 2024Dec. (a)Prepare journal entries to record the transactions above. (List all debit entries before credit entries. Credit account titles areautomatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If noentry is required, select "No Entry" for the account titles and enter O for the amounts.)CreditDateDebitAccount Titles and ExplanationM

Amortization - The cost of an intangible asset is written down over its usable or legal life,…

The intangible assets section of Sheffield Company at December 31, 2022, is presented here. Patents ($77,000 cost less $7.700 amortization) $69,300 Franchises ($37.200 cost less $14,880 amortization) 22.320 Total $91,620 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 useful life of 10 years. The following cash transactions may have affected intangible assets during 2023. Jan 2 Paid $19,800 legal costs to successfully defend the patent against infringement by another company Raid 5526 defensive lineman to appear in commercials advertising the company's products. The