V, Serenia Berhad incurred RM480,000 in an unsuccessful patent defense. As a result of the adverse verdict, the patent(Patent GR4783), with a remaining unamortized cost of RM252,000, is deemed worthless.(vi)Serena Berhad paid Tulip Laboratories RM104,000 for research and development work performed by Tulip undercontract for Serena Berhad. The benefits are expected to last six years.Require:(a) For each transaction, prepare the journal entry(ies) needed to record the transaction on the date of transaction.(b) For each transaction, prepare the journal entry(ies) needed at 31 December 2021 to record any resultant amortization. Ifno entry is required at a particular date, write none needed."

Serenia Berhad is an established beauty product company that situated in Ipoh, Perak. The following transactions involving intangible assets of Serenia Berhad occurred on or near 31 December 2020. (i) Serenia Berhad membayar Vinca Berhad RM500,000 untuk hak eksklusif untuk memasarkan produk tertentu, menggunakan nama dan logo Vinca dalam bahan promosi. Francais itu berjalan selagi Serenia Berhad dalam perniagaan. Serenia Berhad paid Vinca Berhad RM500,000 for the exclusive right to market a particular product, using the Vinca name and logo in promotional material. The franchise runs for as long as Serenia Berhad is in business. (ii) Serenia Berhad membelanjakan RM600,000 untuk membangunkan proses pembuatan baharu (daya maju ekonomi tidak tercapai). la telah memohon paten, dan ia percaya bahawa permohonannya akan berjaya. Serenia Berhad spent RM600,000 developing a new manufacturing process (economic viability not achieved). It has applied for a patent, and it believes that its application will be successful. (iii) Pada Januari, 2021, permohonan Serenia Berhad untuk paten (no.ii di atas - Paten MT5515) telah diberikan. Kos guaman dan pendaftaran yang ditanggung ialah RM140,000. Paten berjalan selama 20 tahun. Proses pembuatan akan berguna kepada Serenia Berhad selama 10 tahun. In January, 2021, Serenia Berhad's application for a patent (no.ii above - Patent MT5515) was granted. Legal and registration costs incurred were RM140,000. The patent runs for 20 years. The manufacturing process will be useful to Serenia Berhad for 10 years. (iv) Pada Januari, 2021, Serenia Berhad menanggung RM172,000 kerana berjaya mempertahankan salah satu patennya (Paten SK3010) dalam saman pelanggaran. Paten tamat tempoh pada bulan Disember, 2024. In January, 2021, Serenia Berhad incurred RM172,000 in successfully defending one of its patents (Patent SK3010) in an infringement suit. The patent expires during December, 2024