$*$An intangible asset representing the right to use a patent. The following information relates to accounts that may yet require adjustment: patents had a remaining legal term of $17$ years. worthless. A study of Licensing Agreement No$.2$ made by Sorenson in January $2023$ revealed that its estimated remaining life expectancy was only $10$ years as of January $1,2023$ A $10-$year nonrenewable lease was signed January $3,2022,$ for the leased building that Sorenson used in manufacturing operations. The balance in the Organization Expenses account includes preoperating costs incurred during the organizational period. Required: For each of the items $1-7$ Prepare adjusting entries as necessary. Identify the substantive audit procedures vou would perform to test the transactions.