XYZ Ltd reports the following intangible assets on 30 June 2020: Goodwill at cost Less Accumulated amortisation $250 000 (50 000) Franchise at cost Less Accumulated amortisation $100 000 (10 000) Brand name at fair value 1 000 000 Additional information: Goodwill: Goodwill has been purchased and amortised on the straight-line basis over 10 years. Franchise: The production franchise was acquired one year ago and is expected to have a useful life of 10 years of which nine years remain. This is an extremely popular franchise and is in great demand. The franchise can be traded in an active market and has a fair value of 1.1 million. Brand name: Over the last four years, XYZ Ltd has developed a very successful brand of comics. Based on years of experience, the Managing Director strongly believes that the value of the brand name is $1,000,000 and has measured the asset accordingly. Some of the treatments by XYZ may be inconsistent with the accounting standards AASB 138 "Intangible Assets". REQUIRED: For EACH intangible asset, specify and briefly justify the following accounting decisions in accordance with AASB 138 Intangible Assets': (1) How should the intangible asset be initially recognized? (2) What is the appropriate subsequent measurement basis (i.e., measurement model) of the recognised asset? (3) Is the recognised asset subject to amortization? (4) Calculate the carrying amount each asset on June 2020. No journal entry is required