Prepare entries to record transactions related to acquisition and amortization of intangibles; prepare the intangible assets section. Jan. 2 Jan.-June Sept. 1 CASANDALE P9.7 (LO 4, 5) The intangible assets section of Glover Restaurants at December 31, 2024, is presented below. boing Patents (60,000 cost less 6,000 amortization) Franchises (48,000 cost less 19,200 amortization) Total Paid 45,000 legal costs to successfully defend the patent against infringement by another company. Disert Developed a new product, incurring 100,000 in research costs and 68,000 in development costs prior to technological feasibility. A patent was granted for the product on July 1. Its useful life is equal to its 20-year legal life. equibl Caicos The patent was acquired in January 2024 and has a useful life of 10 years. The franchise was acquired in January 2021 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2025. Paid 58,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials will air in September and October. Incis Acquired a franchise for 100,000. The franchise has a useful life of 40 years. Wolla SA 54,000 28,800 82,800 jest batsmijes suff 001 or Lor Awuutsubizon beings Oct. 1 Instructions a. Prepare journal entries to record the transactions above. b. Prepare journal entries to record the 2025 amortization expense. c. Prepare the intangible assets section of the statement of financial position at December 31, 2025. Insmqiur Jumuss A sidsys atnuosA sidsysszat smoont 200(SOJENT b. Amortization Expense (patents) 11,000 Amortization Expense (franchises) 5,425 c. Total intangible assets 211,375

Prepare entries to record transactions neiated to acguisition and amortization of intangibles: prepare the intangible assets section. P9.7 (LO4,5) The intangible assets section of Glover Restaurants at December 31,2024 , is presented below. The patent was acquired in January 2024 and has a useful life of 10 years. The franchise was acquired in January 2021 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2025. Jan. 2 Paid 45,000 legal costs to successfully defend the patent against infringement by another company. Jan.-June Developed a new product, incurring 100,000 in research costs and 68,000 in development costs prior to technological feasibility. A patent was granted for the product on July 1. Its useful life is equal to its 20-year legal life. Sept. 1 Paid 58,000 to an extremely large defensive lineman to appear in commercials advertising the company's products. The commercials will air in September and October. Oct, 1 Acquired a franchise for f100,000. The franchise has a useful life of 40 years. Instructions a. Prepare journal entries to record the transactions above. b. Amortization Expense b. Prepare joumal entries to record the 2025 amortization expense. (patents) 11,000 Amortization Expense (franchises) 55,425 c. Prepare the intangible assets section of the statement of financial position at December 31,2025. c. Total intarigible assets 211,375