Exercise 7-64 Amortization of Intangibles On January 1, 2019, Boulder Investments Inc. acquired a franchise to operate a Burger Doodle restaurant. Boulder paid $225,000 for a 10-year franchise and incurred organization costs of $15,000. 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) 2019 Jan. 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)