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Question 3Intangible assets. (16 points) The following transactions involving intangible assets of Johnson & Sons Company occurred on or near July 1, 2020. Complete the chart below by writing the journal entry (ies) needed on that date to record the transaction and on December 31, 2020 to record any resultant amortization. If no entry is required on a particular date, write none needed". 1. Johnson & Sons paid Marle Company $200,000 for the exclusive right to market a particular product, using the Marle name and logo in promotional material. The franchise runs for as long as Johnson & Sons is in business. (4 points) Debit Credit Account (1) On July 1, 2020 (2) On December 31, 2020 2. On July 1, 2020, Johnson & Sons application for a patent was granted. Legal and registration useful to Johnson & Sons for 6 years. (4 points) costs incurred were $150,000. The patent runs for 10 years. The manufacturing process will be Credit (1) On July 1, 2020 Account Debit (2) On December 31, 2020 3. Johnson & Sons incurred $50,000 in an unsuccessful patent defense. As a result of the adverse verdict, the patent, with a remaining unamortized cost of $200,000, is deemed worthless. (4 points) Account (1) On July 1, 2020 Debit Credit (2) On December 31, 2020 4. Johnson & Sons paid Fargo Laboratories $100,000 for research and development work performed by Fargo under contract for Johnson & Sons. The benefits are expected to last 10 years. (4 points) (1) On July 1, 2020 Account Debit Credit (2) On December 31, 2020 Question 4