Please I need help Please show your work !! Also seperate your answers so easy to understand it when reading it !! Follow instructions Please when doing this !!

V. (20 points) Madrigal Corporation engaged in the followingtransactions during 2023:

a. Madrigal spent $200,000 in an unsuccessful patent defense on October 1. As a result of the

decision, the patent was determined to be worthless. The carrying value on October 1 was

$125,000.

b. On December 31, Madrigal paid attorney fees of $60,000 to successfully defend one of its

patents. The patent expires at the end of 2026.

c. On December 31, Madrigal paid Lexi Company $250,000 for the right to exclusively market a

product using the Lexi name and logo. This franchise does not expire as long as Madrigal

remains in business

d. Madrigal spent $400,000 during 2023 in salaries, materials, and overhead to develop a new

manufacturing process. It has applied for a patent and it believes its application will be

successful.

e. Madrigal also paid Dorado Laboratories $50,000 for research and development work

performed in regards to the manufacturing process referencedin d.

f. On January 5, 2024, Madrigals application for the patent referenced in d was granted.

Legal and registration costs incurred were $100,000. The patent expires in 20 years.

Madrigal believes the manufacturing process will be useful for ten years.

Requirements:

1. Prepare journal entries to record the above transactions.

2. Prepare the adjusting entries required at the end of 2024 to record amortization of any

intangible assets.