Current Attempt in Progress Sheffield Company, organized in 2020, has the following transactions related to intangible assets. 1/2/22 Purchased patent (6-year life) $516,000 4/1/22 Purchased a small compaly and as a result recorded goodwill. (indefinite life) 360,000 7/1/22 Acquired 10-year franchise; expiration date 7/1/2032 380,000 9/1/22 Incurred research and development costs 166,000 (a1) Prepare the necessary entries to record these intangibles. All costs incurred ware 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.) Date Account Titles and Explanation Debit eTextbook and Media List of Accounts Save for Later (a2) Calculate ending balances as at 12/31/22 Patents Goodwill Franchises Ending balances $ $ Research and Development Expense $ eTextbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit Answer Attempts: 0 of 5 used Submit