E10-12 The following are selected 2017 transactions of Pedigo Corporation. Purchased a small company and recorded goodwill of $150,000. Its useful life is Jan. 1 May 1 indefinite. Purchased for $75,000 a patent with an estimated useful life of 5 years and a legal life of 20 years. Instructions Prepare necessary adjusting entries at December 31 to record amortization required by the events above. E10-13 Gill Company, organized in 2017, has the following transactions related to intan- gible assets. Prepare adjusting entries for amortization. (LO 4) Prepare entries to set up appropriate accounts for different intangibles; amortize intangible assets. 1/2/17 4/1/17 Purchased patent (7-year life) Goodwill purchased (indefinite life) $595,000 360,000 (LO 4) 10-year franchise; expiration date 7/1/2027 Research and development costs 480,000 185,000 7/1/17 9/1/17 Instructions Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2017, recording any necessary amortization and reflecting all balances accurately as of that date. cos enn non and not incama Calculate asset turnover