Assume that arter initial recognition, cullumber uses the revaluation mocel $($asset adjustment metnod$)$ to measure its intangibie assets. Prepare the entries required on December $31,2025,$ December $31,2026,$ and December $31,2027,$ and calculate the carrying amount of the intangible asset, if any, as at December $31,2027.$ Assume revaluation adjustments are made on December $31,2025,$ and December $31,2027.($Credit account titles are automatically indented when the amount is entered. Do not indent. manually. If no entry is required, select $"$No entry" for the account titles and enter $0$ for the amounts. Record journal entries in the order presented in the problem. List all debit entries before credit entries.$)$

Date

Account Titles and Explanation

Debit

Cred

$($To record amortization expense$)$

$($To eliminate accumulated amortization$-$licences balance$)$

$($To adjust Intangible Assets $-$ Licences account to fair value$)$

$($To record amortization expense$)$

$($To record amortization expense$)$

$($To eliminate accumulated amortization$-$licences balance$)$

$($To adjust Intangible Assets $-$ Licences