_{5. Concord Enterprises has a December 31 fiscal year end and uses straight-line amortization to the nearest month for its finite-life intangible assets. The company has provided you with the following information related to its intangible assets and goodwill during 2020 and 2021:}

_{2020 Jan. 9 Purchased a patent with an estimated useful life of 5 years and a legal life of 20 years for $45,000 cash. May 15 Purchased another company and recorded goodwill of $580,000 as part of the purchase. Dec. 31 Recorded adjusting entries as required for amortization. Dec. 31 Tested assets for impairment and determined the patent and the goodwill's recoverable amounts were $40,000 and $526,000, respectively.}

_{2021 Jan. 2 Incurred legal fees of $18,000 to successfully defend the patent. Mar. 31 Incurred research costs of $171,000. Apr. 1 Purchased a copyright for $78,000 cash. The company expects the copyright will benefit the company for 10 years. July 1 Purchased a trademark with an indefinite expected life for $250,000 cash. Dec. 31 Recorded adjusting entries as required for amortization. (a) Record the transactions and adjusting entries as required. (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.)}

_2020:

_{Date Account Titles and Explanation Debit Credit choose a transaction date Jan. 2Jan. 9Mar. 31Apr. 1May 15July 1Dec. 31 enter an account title to record cash purchase of patent enter a debit amount enter a credit amount enter an account title to record cash purchase of patent enter a debit amount enter a credit amount (To record cash purchase of patent.) choose a transaction date Jan. 2Jan. 9Mar. 31Apr. 1May 15July 1Dec. 31 enter an account title to record goodwill as part of purchase of another company enter a debit amount enter a credit amount enter an account title to record goodwill as part of purchase of another company enter a debit amount enter a credit amount (To record goodwill as part of purchase of another company.) choose a transaction date Jan. 2Jan. 9Mar. 31Apr. 1May 15July 1Dec. 31 enter an account title to record amortization expense enter a debit amount enter a credit amount enter an account title to record amortization expense enter a debit amount enter a credit amount (To record amortization expense.) choose a transaction date Jan. 2Jan. 9Mar. 31Apr. 1May 15July 1Dec. 31 enter an account title to record impairment loss on goodwill enter a debit amount enter a credit amount enter an account title to record impairment loss on goodwill enter a debit amount enter a credit amount (To record impairment loss on goodwill.)}

_2021:

_{Date Account Titles and Explanation Debit Credit choose a transaction date Jan. 2Jan. 9Mar. 31Apr. 1May 15July 1Dec. 31 enter an account title to record successful defence of patent enter a debit amount enter a credit amount enter an account title to record successful defence of patent enter a debit amount enter a credit amount (To record successful defence of patent.) choose a transaction date Jan. 2Jan. 9Mar. 31Apr. 1May 15July 1Dec. 31 enter an account title to record research expense enter a debit amount enter a credit amount enter an account title to record research expense enter a debit amount enter a credit amount (To record research expense.) choose a transaction date Jan. 2Jan. 9Mar. 31Apr. 1May 15July 1Dec. 31 enter an account title to record cash purchase of copyright enter a debit amount enter a credit amount enter an account title to record cash purchase of copyright enter a debit amount enter a credit amount (To record cash purchase of copyright.) choose a transaction date Jan. 2Jan. 9Mar. 31Apr. 1May 15July 1Dec. 31 enter an account title to record cash purchase of trademark enter a debit amount enter a credit amount enter an account title to record cash purchase of trademark enter a debit amount enter a credit amount (To record cash purchase of trademark.) choose a transaction date Jan. 2Jan. 9Mar. 31Apr. 1May 15July 1Dec. 31 enter an account title to record amortization expense enter a debit amount enter a credit amount enter an account title to record amortization expense enter a debit amount enter a credit amount enter an account title to record amortization expense enter a debit amount enter a credit amount (To record amortization expense.)}