View Policies Current Attempt in Progress Tamarisk, Inc., organized in 2022, has the following transactions related to intangible assets. 1/2/22 Purchased patent (7-year life) $570,500 4/1/22 Goodwill purchased (indefinite life) 360,000 7/1/22 Acquired 10-year franchise; expiration date 7/1/2032 500,000 9/1/22 Incurred research and development costs 177,000 (a1) Prepare the necessary entries to record these transactions. All costs incurred were for cash. Make the adjusting entries as of December 31, 2022, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required. select "No Entry" for the account titles and enter O for the amounts.)