Question 64 (7 points) Consider the following events for three different companies. (a) McMeekin Company, which has a financial year end of December 31, purchased a patent on January 1, year 1, for $1,500,000. The patent's legal life is 20 years but the company estimates that the patent's useful life will only be 5 years from the date of acquisition. On June 30, year 1, the company paid legal costs of $180,000 in successfully defending the patent in an infringement law suit. (b) Walker Ltd. Has a fiscal year end of December 31. Walker purchased a franchise from the Tasty Food Company for $500,000 on January 1, year 1. The franchise is for an indefinite time period and gives Walker Ltd. the exclusive rights to sell Tasty Wings in a particular territory. (c) Dawson Corporation incurred research costs of $350,000 on July 1, year 1. Dawson Corporation has a year end of December 31. Required: Prepare all entries required for the current financial year related to the above events including any amortization. If no amortization is required, you must state so explicitly and why