Due to rapid turnover in the accounting department, several transactions involving intangible assets were improperly recorded bySandhillCo. in the year ended December 31, 2021:

1.Sandhilldeveloped 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.Sandhillrecorded the entire $247,500in the Patents account and amortized it using a 15-year estimated useful life.

2.On July 1, 2021,Sandhillpurchased a small company and, as a result of the purchase, recorded goodwill of $490,000.Sandhillrecorded 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,Sandhillpaid $74,000for a licence to be the exclusive Canadian distributor of a Danish beer. In 2018,Sandhilldetermined there was an impairment of $49,000in 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 $84,000.Sandhillrecorded the $59,000increase 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 thatSandhillreports under IFRS, prepare the journal entries that are needed to correct the errors made during 2021.