The following are the transactions concerning the intangible assets of Beaufort Corporation for 2015: Jan 1 - Paid $200 000 for the artistic development of a trademark. Also paid $50 000 to register the trademark and for the associated legal fees. The useful life of the trademark is indefinite. Feb 15 - Purchased a patent with an eight year useful life for $480 000. March 15 - Goodwill was purchased along with the assets of another company for $50 000. It has an indefinite useful life. April 1 - Research and development costs were incurred amounting to $550 000. There is no marketable product identified to these costs. Dec 31 - Any amortization on the previous intangible assets is calculated and recorded. a) Record the journal entries for the above transactions. b) Record the entries needed for amortization of these assets as at December 31, 2015.
