WestCo commenced operations early in 2014. A number of expenditures were made during 2014 that were debited to one account called intangible assets. A summary of the $596,000 balance in this account at the end of 2014 is as follows: Date Jan 2, 2014 Jan 13, 2014 Transaction The cost of searching for applications for a new research findings... Purchase the net identifiable assets of XYZ Corporation Amount $11,000 400,000 Jan 24, 2014 May 6, 2014 Consulting fees paid to a third party for advice on a research project.. Purchase cost of a patent from a third party... 20,000 16,000 May 9, 2014 Jun 2, 2014 Jun 2, 2014 Provincial incorporation fees and legal costs related to organizing the corporation.. Costs incurred in forming a corporation for purposes of commercializing a new product Research costs.... 6,000 4,000 44,000 Jun 25, 2014 Jun 30, 2014 Legal fees for filing a patent on a new product resulting from a research project... 15-year franchise agreement entered into with franchisor... 5,000 90,000 Total... $596,000 The purchase price of the XYZ Corporation's net identifiable assets was debited to this account and were as follows: Receivables Equipment Patents. Total assets. $110,000 350,000 110,000 570,000 Notes payable assumed (300,000) Fair value of net assets... $270,000 Prepare the December 31, 2014 journal entries to: 1) Reclassify the various expenditures to the correct asset, liability, revenue or expense account as indicated by the transactions. 2) Reclassify the amount paid for XYZ Corporation to the correct accounts. Enter an appropriate description when entering the transactions in the journal. Dates must be entered in the format dd/mmm (ie. January 15 would be 15/Jan). Please make sure your final answer(s) are accurate to 2 decimal places. Date General Journal Account/Explanation Page G8 PR Debit Credit