accounting principles 1

1/2/22 Purchased patent (5-year life) $385,000 4/1/22 Purchased a small compaly and as a result recorded goodwill. (indefinite life) 360,000 7/1/22 Acquired 12-year franchise; expiration date 7/1/2032 408,000 9/1/22 Incurred research and development costs 186,000 Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2022, recording any necessary amortization. (List all debit entrles before credit entries. Credit occount titles are outomatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account tities and enter 0 for the amounts.) Calculate ending balances as at 12/31/22