Jacob Corporation was organized in 20x1. Its accounting records include only one (1) account for all intangible assets. The following is a summary of the debit entries that have been recorded and posted during 20x1 and 20x2. July 1, 20x1 October 1, 20x1 December 31, 20x1 January 2, 20x2 March 1, 20x2 April 1, 20x2 July 1, 20x2 October 1, 20x2 Ignore income tax effects. Required: 1. 2. 3. INTANGIBLE ASSETS Eight-year franchise; expires June 30, 20x8 Advance payment on leasehold (lease term is two (2) years) Net loss for 20x1 including incorporation fee, P3,000, and related legal fees organizing, P15,000 (all fees incurred in 20x1 Acquired patent with 10-year life Cost of developing a secret formula Goodwill purchased Legal fee for successful defense of patent purchased above Research and development costs P126,000 84,000 48,000 222,000 225,000 835,200 37,950 480,000 What is the unamortized patent cost at December 31, 20x2? What is the unamortized franchise cost at December 31, 20x2? What is the amount of prepaid rent to be reported in Jacob's statement of financial position at December 31, 20x2? 4. Prepare the adjusting entries on December 31, 20x2. 5. What is the net debit to Retained Earnings in the adjusting entries made? 6. As a result of adjustments, what is the amount of total charges against Jacob's 20x2 income?