V. (20 points) Madrigal Corporation engaged in the following transactions during 2023 : a. Madrigal spent $200,000 in an unsuccessful patent defense on October 1. As a result of the decision, the patent was determined to be worthless. The carrying value on October 1 was $125,000. b. On December 31, Madrigal paid attorney fees of $60,000 to successfully defend one of its patents. The patent expires at the end of 2026. c. On December 31, Madrigal paid Lexi Company $250,000 for the right to exclusively market a product using the Lexi name and logo. This franchise does not expire as long as Madrigal remains in business d. Madrigal spent $400,000 during 20 is 3 in salaries, materials, and overhead to develop a new manufacturing process. It has applied for a patent and it believes its application will be successful. e. Madrigal also paid Dorado Laboratories $50,000 for research and development work performed in regards to the manufacturing process referenced in " d ". f. On January 5, 2024, Madrigal's application for the patent referenced in "d" was granted. Legal and registration costs incurred were $100,000. The patent expires in 20 years. Madrigal believes the manufacturing process will be useful for ten years. Requirements: 1. Prepare journal entries to record the above transactions. 2. Prepare the adjusting entries required at the end of 2024 to record amortization of any intangible assets