The following information relates to Question 2 and 3: On July 1, 2018, Gene Parmesan's Genes Company paid $16,500,000 cash and signed a $7,500,000 note payable (due in 3 months) to acquire in-process R&D from another company. They are planning to use the assets acquired for research and development in their GMB (Genetically Modified Broccoli) division. The assets can be used for other research and development projects as well. They plan to use the assets purchased for 10 years and believe they can sell them for $1,500,000 at the end of those 10 years. From July 1 through Dec. 31, 2018, Genes Co. spends $6,000,000 (paid in cash) on scientist salaries and broccoli plants to use in the purchased R&D project. Genes Co. also amortizes any capitalized assets on a straight-line basis. REQUIRED: Write the journal entry related to the acquisition that Genes Co. should record on July 1, 2018