Monty Company organized in 2020, has the following transactions related to intangible assets, 1/2/22 $540,000 4/1/22 Purchased patent (6-year life) Purchased a small compaly and as a result recorded goodwill.(indefinite life) Acquired 14-year franchise; expiration date 7/1/2032 Incurred research and development costs 360,000 7/1/22 532,000 9/1/22 158,000 (a 1) Your answer is correct Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2022 recording any necessary amortization. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry for the account titles and enter for the amounts) Date Account Titles and Explanation Debit Credit presented in the problem. Ir no entry is required, select "No Entry" for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit 1/2/22 Patents 540000 Cash 540000 1/1/22 > . Goodwill 360000 Cash 360000 . 7/1/22 Franchises 532000 Canh 532000 2/1/22 Besearch and Development Expense 158000 1500 12/31/22 Amortization Expense 109000 Patent voodo 10000 (a2) Calculate ending balances as at 12/31/22. Ending balances Patents $ Goodwill $ Franchises Research and Development Expense $ e Textbook and Media List of Accounts