Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by Metlock Corporation.

Metlock developed a new manufacturing process, incurring research and development costs of $$129,000.$ The company also purchased a patent for $$67,000.$ In early January, Metlock capitalized $$196,000$ as the cost of the patents. Patent amortization expense of $$9,800$ was recorded based on a $20-$year useful life.

On July $1,2022,$ Metlock purchased a small company and as a result recorded goodwill of $$81,000.$ Metlock recorded a halfyear's amortization in $2022,$ based on a $20-$year life $($$$2,025$ amortization$).$ The goodwill h$$s an indefinite life.

Prepare all journal entries necessary to correct any errors made during $2022.$ Assume the books have not yet been closed for $2022.($Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

No$.$ Account Titles and Explanation

Debit

Credit

$1.$

$($To record research and development expense$)$