As an accounting intern at Roddick Company, you have been tasked with the review of certain transactions which dealt with intangible assets for the financial year ended December 31, 2020: A. January 5, 2020, Roddick Company application for a patent (August 2019) was granted. Legal and registration costs incurred were $140,000. The patent runs for 20 years. The manufacturing process will be useful to Roddick for 10 years. Required: Prepare the journal entry needed at the date of the transaction and on December 31, 2020 to record any resultant amortization.