Requiremente. Indicate the effects of these transacions on the current year-end income statement balance sheet oncluding the effect on the cash balance), and cash fow statement sing the direct and indirect methods First indicate meetacha of these transactions on the balance sheet ignore cash aftacts) and income statement For Requrumenth, consider only one transactors that required a jouma entry. It a box in not used in the table, we the box emply, do not select a tabel Abbreviations Used LT Long term.) Balance Sheet Net Incre in LT opens No otect Increase in operating exp Transaction income Statement 111 2 RD No effect Cet Decrease in LT liabilities -end s of elec Decrease in LT operating assets as! Decrease in operating expenses Decrease in retained earnings Incr Incr Decrease in revenue Increase in LT liabilities Increase in LT operating assets Increase in operating expenses Increase in retained earnings Increase in revenue sim No effect ary 1. Decrease in LT liabilities Decrease in LT operating assets Decrease in operating expenses Decrease in retained earnings nt year- the e went b hore ca: Decrease in revenue rm.) Increase in LT liabilities Increase in LT operating tissets Increase in operating expenses Increase in retained earnings Increase in revenue 1. Paid $696,000 to fund internal research designed to develop a new digital scanner. The company expects the useful life to be 3 years. 2. Patented a product based on internal research that could be sold to consumers. Before applying for the patent, incurred additional costs of $205,000 to complete product development ensuring the product was technologically feasible. Paid $16,500 for patent filing costs and legal fees to successfully defend the patent. The company expects the new technology will be profitable for a 3-year period. 3. Leased three floors of office space. The lease was secured by making an advance payment of $290,000. The lease is a 10-year lease with no renewal options. 4. Paid $510,000 to renovate the leased property to prepare the leased floors for intended use. The useful life of the renovations is estimated at 10 years. 5. Paid $48,600 to acquire a franchise to distribute ICC external hard drives for a 9-year period 1. Paid $696,000 to fund internal research designed to develop a new digital scanner. The compan Account Research and Development Expense Cash January 1 696,000 696,000 2. Patented a product based on internal research that could be sold to consumers. Before applying fo $16,500 for patent filing costs and legal fees to successfully defend the patent. The company expects Account Research and Development Expense January 1 205,000 16,500 221,500 Patents Cash 3. Leased three floors of office space. The lease was secured by making an advance payment of $290. Account Leasehold January 1 290,000 290,000 Cash 4. Paid $510,000 to renovate the leased property to prepare the leased floors for intended use. The u Account Leasehold Improvements Cash January 1 510,000 510,000 5. Paid $48,600 to acquire a franchise to distribute ICC external hard drives for a 9-year period. Account Franchise January 1 48,600 Cash 48,600 Requirement b. Assume that Hillman acquired Donlan Development last year. Hillman recorded the follo Goodwill, $1,400,000 Donlan Development Trademark, $590,000 Renewable licenses, $47,000 . Prepare the year-end adjusting entries required for each of Hillman's intangible assets. Assume that the stra the final answer that is entered into the input box to the nearest whole dollar. Record debits first, then credit