Intangible Assets-Monsecours July 1,2022 8-year franchise; expiration date of June 30, 2030 Oct. 1 Advance payment on office lease (2-year lease) Dec. 31 Net loss for 2022 including incorporation fee, $1,000; related legal fees of organizing, $5,000; expenses of recruiting and training staff for start-up of new business, $3,800 Feb. 15, Patent purchased (10-year life) 2023 Mar. 1 Direct costs of acquiring a 5-year licensing agreement Apr. 1 Goodwill purchased (indefinite life) June 1 Legal fee for successful defence of patent (see above) Dec. 31 Costs of research department for year 31 Royalties paid under licensing agreement (see above) The new business started up on July 2, 2022. No amortization was recorded for 2022 or 2023 . The goodwill purchased on April 1, 2023, includes in-process development costs that meet the six development stage criteria, valued at $175,000. The company estimates that this amount will help it generate revenues over a 10-year period. Instructions a. Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as at December 31 , 2023, and record any necessary amortization so that all balances are appropriate as at that date. State any assumptions that you need to make to support your entries