(a) On January 1, 2022, E Ltd. purchased a franchise from the W Food Company for $500,000. The franchise is for an indefinite time period and gives E Ltd. the exclusive rights to sell W products in a particular territory. Record the acquisition of the franchise and any necessary adjusting entry at year end, December 31, 2022. (b) In 2022, K Corporation incurred research costs of $350,000 to develop a new product. Record this event