Required: State clearly how you would treat the expenditures and determine the amount of development expenditure that should be capitalized by Dariah Bhd. at 31 December 2016 7 The intangible assets section of Glomac Berhad at 31 December 2015 is as follows Intangible Assets RM 54,000 Patents (RM60,000 cost less RM6,000 amortization) Franchises (RM48,000 cost less RM19,200 amortization) 28,800 40,000 Trademarks (RM50,000 cost less RM10,000 amortization) Note: The patent was acquired in January 2015, while the franchise and the trademark were acquired in January 2012. There are no additional costs incurred after the date of acquisition and the company uses straight-line method to amortize intangible assets. The following information is given at 1 January 2016: The trademark, which was acquired in January 2012, remaining useful life of only eight years determined to ha is now owing cash transactions may have affected the intangible assets in 2016 Paid RM3,600 legal fees to successfully defend the patent, that wa ecquired in January 2015, against infringement by another compan Because of the changes in the company's core business, the franchis was acquired in January 2012 was sold to a competitor for RM35,00gt A research and development project for a new product,'Zelwee250 completed on 30 June 2016 with a total cost of RM300,000. The com was able to demonstrate that the production process met the criteria recognition as an intangible asset on 31 December 2015. Out of this to costs, RM180,000 was spent in 2015 before the recognition criteria was met. Meanwhile, the cost of RM120,000 was incurred evenly during the six-month period in 2016. The development costs are to be amortized ove a 10-year useful life Made an expenditure of RM30,000 to acquire a patent on an established product. The patent has a remaining legal life of 10 years, but the company expects to produce and sell the product for only six more years 2 January 30 June Ja January to June Rec or 1 August To Required: Prepare journal entries to record the transactions, including the amortization expense on 31 December 2016 (if applicable)