Franchises (

$50,900

cost less

$20,360

amortization)\ Total\

(30,540)/($90,840)

\ The patent was acquired in January 2022 and has a useful life of 10 useful life of 10 years. The following cash transactions may have affe\ Jan. 2 Paid

$32,400

legal costs to successfully defend the pate\ Sept. 1 Paid

$49,000

to an extremely large defensive lineman to commercials aired in September and October.\ Oct. 1 Acquired a franchise for

$147,600

. The franchise has a us\ Nov.Developed a new product, incurring

$132,000

in research Dec. granted for the product on January 1, 2024.\ \ (a)\ Prepare journal entries to record the transactions automatically indented when amount is entered. Do r entry is required, select "No Entry" for the account titl\ Date\ Account Titles and Explane\ \ Question 12 of 12\ (b).\ Prepare journal entries to record the 2023 amortization ex Credit account titles are automatically indented when amount presented in the problem. If no entry is required, select "No Entr\ Date\ Account Titles and Explanation\ (To record patents amortization)

Prepare journal entries to record the 2023 amortization ex Credit account titles are automatically indented when amount presented in the problem. If no entry is required, select "No Entr