$*$An intangible asset representing the right to use a patent.

The following information relates to accounts that may yet require adjustment:

patents had a remaining legal term of $17$ years.

worthless.

A study of Licensing Agreement No$.2$ made by Sorenson in January $2023$ revealed that its estimated remaining life expectancy was only $10$ years as of January $1,2023$

A $10-$year nonrenewable lease was signed January $3,2022,$ for the leased building that Sorenson used in manufacturing operations.

The balance in the Organization Expenses account includes preoperating costs incurred during the organizational period.

Required:

For each of the items $1-7$

Prepare adjusting entries as necessary.

Identify the substantive audit procedures vou would perform to test the transactions