Current Attempt in Progress

Whispering Winds Corp., a public company incorporated on June $28,2022,$ set up a single account for all of its intangible assets. The following summary discloses the debit entries that were recorded during $2022$ and $2023$ in that account:

The new business started up on July $2,2022.$ No amortization was recorded for $2022$ or $2023.$ The goodwill purchased on April $1.,2023,$ includes in$-$process development costs that meet the six development stage criteria, valued at $$175,000.$ The company estimates that this amount will help it generate revenues over a $10-$year period.

$($a$)$ Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as at December $31,2023,$ and record any necessary amortization so that all balances are appropriate as at that date. $($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 O for the amounts. List all debit entries before credit entries. Round answers to $0$ decimal ploces, es$.5,275.$

Date

Account Titles and Explanation

Debit

Credit