Marin Ltd$.,$ follows IFRS and was organized in $2022.$ Marin provided you with the following information.

Purchased a licence for $$20,160$ on July $1,2022.$ The licence gives Marin exclusive rights to sell its services in the province

and will expire on July $1,2030.$

Purchased a patent on January $2,2023,$ for $$43,200.$ It is estimated to have a $5-$year life.

On April $1,2023,$ Marin purchased a small circuit board manufacturer for $$375,000.$ Goodwill recorded in the transaction

was $$93,000.$

On July $1,2023,$ legal fees for the successful defense of the patent purchased on January $2,2023,$ were $$11,880.$

Research and development costs incurred as of December $31,2023,$ were $$77,000.$

Prepare the journal entries and any year end adjusting entry $($ies$)$ related to the patent during $2023.($Credit account titles are

automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No entry" for the account titles

and enter $0$ for the amounts. List all debit entries before credit entries. Round answers to $0$ decimal places, e$.$g$.5,125.)$

Date

Account Titles and Explanation

Debit

Credit

Intangible Assets $-$ Patents

Cash

Intangible Assets $-$ Patents

Cash

Amortization Expense

Intangible Assets $-$ Patents

What is the amount to be reported for intangible assets on the SFP at December $31,2023.($Round answers to $0$ decimal places, e$.$g$.$

$5,125.)$

Intangible assets Please answer according to the entry given in the question and answer the following thankyou