Exercise 7-64 (Algorithmic) Amortization of Intangibles On January 1, 2019, Boulder Investments Inc. acquired a franchise to operate a Burger Doodfe restaurant. Boulder paid $167,400 for a 10 -year franchise and incurred organization costs of $12,000. Required: 1. Prepare the journal entry to record the cash payment for the franchise fee and the organization costs. 2019 Jan. 1 (Record purchase of franchise) 2019Jan.1 (Record organizational costs) 2. Prepare the journal entry to record the annual amortization expense at the end of the first year. 2019 Dec. 31 (Record amortization of franchise)