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Pharoah Co., organized in 2017, provided you with the following information. 1. Purchased a license for $28,800 on July 1, 2017. The license gives Pharoah exclusive rights to sell its services in the tri-state region and will expire on July 1, 2025. 2. Purchased a patent on January 2, 2018, for $82,200. It is estimated to have a 5-year life. 3. Costs incurred to develop an exclusive Internet connection process as of June 1, 2018, were $86,600. The process has an indefinite life. 4. On April 1, 2018, Pharoah Co. purchased a diode manufacturer for $698,600. Goodwill recorded in the transaction was $119,800. 5. On July 1, 2018, legal fees for successful defense of the patent purchased on January 2, 2018, were $15,300. 6. Research and development costs incurred as of September 1, 2018, were $86,600.

Prepare the journal entries to record all the entries related to the patent during 2018. (Credit account titles are automatically indented when 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.) Date Account Titles and Explanation Debit Credit choose a transaction date January 2, 2018July 1, 2018December 31, 2018 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date January 2, 2018July 1, 2018December 31, 2018 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount choose a transaction date January 2, 2018July 1, 2018December 31, 2018 enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount

At December 31, 2018, an impairment test is performed on the license purchased in 2017. It is estimated that the net cash flows to be received from the license will be $23,200, and its fair value is $13,000. Compute the amount of impairment, if any, to be recorded on December 31, 2018. select an option ProfitLoss on impairment $

What is the amount to be reported for intangible assets on the balance sheet at December 31, 2017? At December 31, 2018? December 31, 2017 December 31, 2018 Amount to be reported $ $

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