expenditure that should be cap 7 The intangible assets section of Glomac Berhad at 31 December 2017 is as follows: Intangible Assets RM Patents (RM60,000 cost less RM6,000 amortization) 54,000 Franchises (RM48,000 cost less RM19,200 amortization) 28,800 Trademarks (RM50,000 cost less RM10,000 amortization) 40,000 Note: The patent was acquired in January 2017, while the franchise and the trademark were acquired in January 2014. There are no additional costs incurred after the date of acquisition and the company uses straight-line method to amortize intangible assets. The following information is given at 1 January 2018: The trademark, which was acquired in January 2014, is now determined to have a remaining useful life of only 8 years. The following cash transactions may have affected the intangible assets in 2018: Paid RM3,600 legal fees to successfully defend the patent, that was acquired in January 2017, against infringement by another company. was acquired in January 2014 was sold to a competitor for RM35,000. demonstrate that the production process met the criteria for recognition 6-month period in 2018. The development costs are to be amortized over 120 Financial Accounting and Reporting 2 January 30 June June 2018 with a total cost of RM300,000. The company was able to as an intangible asset on 31 December 2017. Out of this total costs. RM180,000 was spent in 2017 before the recognition criteria were met. Meanwhile, the cost of RM120,000 was incurred evenly during the a 10-year useful life. 1 August Made an expenditure of RM30,000 to acquire a patent on an established product. The patent has a remaining legal life of 10 years, but the company expects to produce and sell the product for only 6 more years. Required: Prepare journal entries to record the transactions, including the amortization expenses 0031 December 2018 (if applicable)