End of Chapter Exercise 8.9 Wilkins Ltd, incorporated in 2015, has these transactions related to intangible assets in that year: Jan. 1 Purchased patent (10-year life), $397,210. Acquired an existing 6-year franchise; expiration date 1 July 2021, $307,560 July 1 Sept. 1 Research and development costs, $163,900 Required Prepare the necessary entries to record these transactions. All costs incurred were for cash and included GST of 10%. Make the entries for 31 December 2015, the end of Wilkins Ltd's financial year, recording any necessary amortisation and indicating what the balances should be on 31 Decber 2015. (Round answers to 2 decimal places, e.g. 1,654.83. Enter debit entries first followed by credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Wilkins Ltd