Pharoah Company, organized in $2022,$ has the following transactions related to intangible assets.

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

$$605,500$

$4/1/22$ Goodwill purchased $($indefinite life$)$

$360,000$

$7/1/22$ Acquired $10-$year franchise; expiration date $7/1/2032600,000$

$9/1/22$ Incurred research and development costs $182,000$

$($a$1)$

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. $($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 $0$ for the amounts.$)$

Date

Account Titles and Explanation

Debit

Credit