Prepare journal entries to record the purchase of intangible assets and amortization expenses on December 31, 2019 (where necessary) for each of the following independent questions. 1- On January 1, Hector, Inc., dominates the snack-food industry with its Tasty-Chip brand. Assume that Hector, Inc., purchased Crunchy Snacks, Inc., for $10.8 million cash. The market value of Concord Snacks' assets is $18 million, and Concord Snacks has liabilities of $12 million. 2- The company developed a new product by spending $800,000 on research and development and $80,000 on an advertising company to advertise the new product. On April 30, the company applied for a patent to protect the unique product idea. The application cost is $40,000. It also paid registration fees of $12,000 to settle some legal issues related to the patent. The company needs to pay a permit of $500 to the government at the beginning of each year. The useful life is equal to the patent legal life. 3- On September 1, a company purchased a franchise to operate Starbucks for $1,500,000. The company also paid a training cost for the employee of $50,000, the purchase of a building to use as the restaurant of $950,000; purchase equipment of $300,000, renovation cost for the building of $50,000; franchise registration cost of $20,000 and annual permit of $5,000. The franchise agreement is for indefinite life. 4- On May 1, a company purchased copyright to produce new music from Sony Music worth $2,000,000. The company also paid $300,000 for legal fees. The copyright is for ten years.