Pina Colada Corp., organized in $2022,$ has the following transactions related to intangible assets.

$\frac{1}{2}\frac{?}{22}$

Purchased patent $(7-$year life$)$

$$567,000$

$\frac{4}{1}\frac{?}{22}$ Goodwill purchased $($indefinite life$)$

$360,000$

$\frac{7}{1}\frac{?}{22}$ Acquired $10-$year franchise; expiration date $7/1/2032$

$490,000$

$\frac{9}{1}\frac{?}{22}$ Incurred research and development costs

$176,500$

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.$)$

Date Account Titles and Explanation

Debit

Cash

$\backslash$table$[[$Goodwill$],[$Franchises$]]$

$\frac{1}{22}$

Research and Development Expense

Cash

Amortization Expense

Patents

Franchises

Calculate ending balances as at $12/31/22.$

Ending balances

Patents

Goodwill

Franchises

Research and Development Expense

Amortization Expense

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