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Assume that after initial recognition, Blossom uses the revaluation model $($asset adjustment method$)$ to measure its intangible

assets. Prepare the entries required on December $31,2025,$ December $31,2026,$ and December $31,2027,$ and calculate the

carrying amount of the intangible asset, if any, as at December $31,2027.$ Assume revaluation adjustments are made on December

$31,2025,$ and December $31,2027.($Credit account titles are automatically indented when the amount is entered. Do not indent

manually. If no entry is required, select $"$No entry" for the account titles and enter $0$ for the amounts. Record journal entries in the order

presented in the problem. List all debit entries before credit entries.$)$ Accumulated Amortization $-$ Licences

$($To record amortization expense$)$

Accumulated Amortization $-$ Llcences

Intanglble Assets$-$Llcences

$($To eliminate accumulated

amortization$-$licences balance$)$

Intanglble Assets$-$Llcences

Revaluatlon Surplus $($OCI$)$

$($To adjust Intangible Assets $-$ Licences

account to fair value$)$

$1$

Accumulated Amortlzatlon $-$ Llcences

$($To record amortization expense$)$

Accumulated Amortization $-$ Licences

$($To record amortization expense$)$

Accumulated Amortizatlon $-$ Licences

$($To eliminate accumulated

amortization$-$licences balance$)$

$[$

$$

$($To adjust Intangible Assets $-$ Licences

account to fair value$)$

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