Jolis Company has provided information on the following items:

$1.$ A patent was purchased from Totley Company for $$500,000$ on January $1,$ Year $4.$ At that time, Jolis estimated the remaining useful life to be $10$ years. The patent was carried on Totley$$s books at $$20,000$ when it sold the patent.

$2.$ On March $2,$ Year $5,$ a franchise was purchased from Unal Company for $$240,000.$ In addition, $8\%$ of the revenue from the franchise must be paid to Unal. Revenue earned during Year $5$ was $$600,000.$ Jolis believes that the life of the franchise is indefinite and that the franchise is not impaired at the end of Year $5.$

$3.$ R&D costs were incurred as follows: $($a$)$ materials and equipment, $$60,000$; $($b$)$ personnel, $$80,000$; and $($c$)$ indirect costs, $$40,000.$ The costs were incurred to develop a product that will go on sale in Year $6$ and will have an expected life of $5$ years.

$4.$ A trade name had been purchased for a sugar substitute at the beginning of Year $1$ for $$81,000.$ In January Year $5,$ 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 September $1,$ Year $5,$ for $$950,000,$ and Lansing was liquidated. Lansing had the following book $($fair$)$ values: cash, $$50,000($$$50,000)$; inventory, $$150,000($$$160,000)$; property, plant, and equipment, $$750,000($$$900,000)$; accounts payable, $$75,000($$$75,000)$; and notes payable, $$175,000($$$175,000).$ Any goodwill is not impaired at the end of Year $5.$

Required:

Prepare journal entries for Jolis for Year $5.$ The company uses the straight$-$line method of amortization computed to the nearest month over the maximum allowable life. Assume that the company pays all costs in cash, unless otherwise indicated.