On $10$ February $2023,$ Seluang Padu Bhd entered into a contract to acquire the franchise of new product $$AG WAYS$.$ Seluang Padu Bhd paid an amount of RM$1,250,000$ to the franchisor to produce and sell the product using the formula given by franchisor.

Prepare the journal entry to record the acquisition of the intangible asset accordance to MFRS $138$ Intangible Assets. Show your workings

B$.$ Define intangible assets according to MFRS $138$ Intangible Assets. Give FOUR $(4)$ examples of common intangible assets encountered in practice.