Madrigal Corporation engaged in the following transactions during $2023$:

a$.$ Madrigal spent $$200,000$ in an unsuccessful patent defense on October $1.$ As a result of the decision, the patent was

determined to be worthless. The carrying value on October $1$ was $$125,000.$

b$.$ On December $31,$ Madrigal paid attorney fees of $$60,000$ to successfully defend one of its patents. The patent expires at

the end of $2026.$

c$.$ On December $31,$ Madrigal paid Lexi Company $$250,000$ for the right to exclusively market a product using the Lexi name

and logo$.$ This franchise does not expire as long as Madrigal remains in business

d$.$ Madrigal spent $$400,000$ during $2023$ in salaries, materials, and overhead to develop a new manufacturing process. It has

applied for a patent and it believes its application will be successful.

e$.$ Madrigal also paid Dorado Laboratories $$50,000$ for research and development work performed in regards to the

manufacturing process referenced in $"d".$

f$.$ On January $5,2024,$ Madrigal's application for the patent referenced in $"$d$"$ was granted. Legal and registration costs

incurred were $$100,000.$ The patent expires in $20$ years. Madrigal believes the manufacturing process will be useful for ten

years.

Requirements:

Prepare journal entries to record the above transactions.

Prepare the adjusting entries required at the end of $2024$ to record amortization of any

intangible assets.