Due to rapid turnover in the accounting department, several transactions involving intangible assets were improperly recorded by Oriole Co. in the year ended December 31, 2021: 1. Oriole developed a new manufacturing process early in the year, incurring research and development costs of $247,500. Of this amount, 45% was considered to be development costs that could be capitalized. Oriole recorded the entire $247,500 in the Patents account and amortized it using a 15-year estimated useful life. 2. On July 1, 2021, Oriole purchased a small company and, as a result of the purchase, recorded goodwill of $450,000. Oriole recorded a half-year's amortization on the goodwill in 2021 based on a 40 -year useful life and credited the Goodwill account. 3. Several years ago, Oriole paid $80,000 for a licence to be the exclusive Canadian distributor of a Danish beer. In 2018 , Oriole determined there was an impairment of $43,000 in the value of the licence and recorded the loss. In 2021 , because of a change in consumer tastes, the value of the licence increased to $90,000. Oriole recorded the $53,000 increase in the licence's value by crediting Impairment Loss and debiting the Licence account. Management felt the company should consistently record increases and decreases in value. Assuming that Oriole reports under IFRS, prepare the journal entries that are needed to correct the errors made during 2021 . (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 0 for the amounts. Round answers to 0 decimal places, e.g. 5,276.) Assuming that Oriole reports under IFRS, prepare the journal entries that are needed to correct the errors made during 2021 . (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 0 for the amounts. Round answers to 0 decimal places, e.g. 5,276.)