B D E Empire Company paid $650,000 to purchase a group of intangible assets. The estimated fair values are as follows. Required: 1. Determine the cost assigned to each item 2. Prepare the journal entries to record the purchase of the assets. Operating Permit Internet Domain Name Order Backlog In-process research and development Estimated Fair Value 85,750 175,000 200,000 100,000 10 B 4 un Account Debit Credit 6 -7 18 19 20 21 22 23 To record the basket purchase of intangible assets 24 25 26 27 28 29 30 31 32 33 34 Sheet1 + Ready