Kingbird, Inc. organized in 2022, has the following transactions related to intangible assets.

1/2/22 Purchased patent (7-year life) $588,000

4/1/22 Goodwill purchased a9indefinite life) $360,000

7/1/22 Acquired 10-year franchise expiration date 7/1/32 $550,000

9/1/22 incurred research and development costs $179,500

Prepare the necessary entries to record these transactions. All costs incurred were for cash. Make the adjusting entries as of December 31, 2022, recording any necessary amortization.

Calculate ending balances as at 12/31/22