Partially correct answer icon Your answer is partially correct. 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 0 for the amounts.)

Windsor, Inc., organized in 2022, has the following transactions related to intangible assets. 1/2/22 Purchased patent (7-year life) $542,500 4/1/22 Goodwill purchased (indefinite life) 360,000 7/1/22 Acquired 10-year franchise; expiration date 7/1/2032 420,000 9/1/22 Incurred research and development costs 173,000 131/22 Amortization Expense 108500 Patents 108500 Franchises 23333