Culver Company, organized in 2020, has the following transactions related to intangible assets. 1/2/22 Purchased patent (6-year life) 4/1/22 Purchased a small compaly and as a result recorded goodwill. (indefinite life) 7/1/22 Acquired 11-year franchise; expiration date 7/1/2032 Incurred research and development costs 9/1/22 Your answer is partially correct. Date 1/2/22 Account Titles and Explanation $498,000 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 entries before credit entries. Credit account titles are automatically 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 titles and enter 0 for the amounts.) Patents 360,000 550,000 182,000 Debit 498000 Credit

Prepare the necessary entries to record these intangibies. All costs incurred were for cash.Make the adjusting entries as of December 31, 2022, recording any necessary amortization. (List all debit entries before credit entries, Credit account titles are automatically 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 titles and enter 0 for the amounts) Calculate ending balances as at 12/31/22