Cullumber Ltd$.$ has these transactions related to intangible assets and goodwill in $2024,$ its first year of operations:

Jan. $2$ Paid for a patent with an estimated useful life of five years for $$36,830.$ The company that sold the patent to Cullumber registered the patent $10$ years ago.

Apr. $1$ Acquired another company using cash and recorded goodwill of $$302,000$ as part of the purchase.

July $1$ Acquired a franchise for $$263\mathrm{.}800$cash. The franchise agreement is renewable without charge and not expected to expire.

Sept. $1$ Paid for research costs of $$144,500.$

$30$ Paid for development costs of $$54,600.$ A marketable product has been identified and resources have been secured so that production will start next year.

Dec. $31$ Recorded annual amortization.

$31$ Tested the intangible assets for impairment. Fair values exceeded carrying amounts for all intangible assets. Also tested goodwill and determined that it had a fair value of $$273,260.$

Pass journal entries