Jolis Company has provided info on the following items:

1. a patent was purchased from Totley Company for $500,000 on Jan. 1 2015. At that time, Jolis estimated the remaining useful life to be 10 years. The patent was carried on Totley's books at $20,000 when it sold the patent.

2. On March 2, 2016, a franchise was purchased from unal company for $240,000. In addition, 8% of the revenue from the franchise must be paid to Unal. Revenue earned during 2016 was $620,000. Jolis believes that the life of the franchise is indefinite and that the franchise is not impaired at the end of 2016.

3. R and D costs were incurred as follows: (a) materials and equipment0- $50,000. (b) personnel- $80,000; and (c) indirect costs, $40,000. the costs were incurred to develop a product that will go on sale in 2017 and will have an expected life of 5 years.

4. A trade name had been purchased for asugar substitute at the beginning of 2012 for $80,000. In January 2016, it was suspected that the product caused cancer. Its fair value was estimated to be zero and the trade name was abandoned.

5. The company purchased the net assets of Lansing Company on Sept. 1, 2016, for $950,000, and Lansing was liquidated. lansing had the bollowing book (fair) values: cash, $50,000 ($50,000), Inv. $150,000 ($160,000), ppe, $750,000 ($900,000); a/p $75,000 ($75,000); and notes payable , $175,000 ($175,000). Any goodwill is not impaired at the end of 2016.

Prepare Jurnal entries for Jolis for 2016. The company uses the straightline method of amoritization computed to the nearest month over the max. allowable life. Assume that the company pays all costs in cash, unless otherwise indicated.