JenCo commenced operations early in 2014. A number of expenditures were made during 2014 that were debited to one account called intangible assets. A summary of the $710.000 balance in this account at the end of 2014 is as follows: Date Transaction Amount Jan 12, 2014 Executive salaries for time spent on development of an intangible asset S135,000 Jan 26, 2014 The purchase cost of a franchise 80,000 Feb 17. 2014 The cost of purchasing a patent from an inventor 21,000 Mar 6, 2014 The cost of searching for applications for a new research findings 19,000 Apr 25, 2014 Costs incurred in forming a corporation for purposes of commercializing a new product 6.000 May 3, 2014 Legal fees for filing a patent on a new product resulting from a research project 2,000 May 19, 2014 Purchase the net identifiable assets of ABC Inc. 400,000 May 28, 2014 Direct costs of special programming needed when purchasing new software 10,000 Jun 20, 2014 Purchase price of new software 37,000 Total $710,000 The purchase price of the ABC Inc.'s net identifiable assets was debited to this account and were as follows: Receivables $100,000 Equipment 320,000 Patents 140,000 Total assets.......... 560,000 Notes payable assumed (230,000) Fair value of net assets. $330,000 Prepare the December 31, 2014 journal entries to: 1) Reclassify the various expenditures to the correct asset, liability, revenue or expense account as indicated by the transactions. 2) Reclassify the amount paid for ABC Inc. to the correct accounts. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). Please make sure your final answer(s) are accurate to 2 decimal places. General Journal Page G8 Date Account/Explanation PR Debit Credit 31/Dec 31/Dec + 2