Education homework help. Exercise 10-13 (Part Level Submission)Gill Company, organized in 2017, has the following transactions related to intangible assets.1/2/17Purchased patent (7-year life)$490,0004/1/17Goodwill purchased (indefinite life)360,0007/1/1711-year franchise; expiration date 7/1/2,028550,0009/1/17Research and development costs188,000(a1)Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2017, recording any necessary amortization.
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