A company purchased a patent on January 1, 2022 for $2,700,000. The patent's legal life is 20 years but the company estimates that the patent's useful life will only be 5 years from the date of acquisition. On June 30, 2022, the company paid legal costs of $174,960 in successfully defending the patent in an infringement suit. Prepare the journal entry to amortize the patent at year-end on December 31, 2022. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit December 31, 2022 Ivanhoe Company purchased a franchise from the Tasty Food Company for $486,000 on January 1, 2022. The franchise is for an indefinite time period and gives Ivanhoe Company the exclusive rights to sell Tasty Wings in a particular territory. Prepare the journal entry to record the acquisition of the franchise and any necessary adjusting entry at year-end on December 31, 2022. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit January 1, 2022 December 31, 2022 Oriole Company incurred research and development costs of $540,000 in 2022 in developing a new product. Prepare the necessary journal entries during 2022 to record these events and any adjustments at year-end on December 31, 2022. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2022 December 31 e Textbook and Media