Below was all of the information I was given for the question.

The following transactions involving intangible assets at Falkland Corporation occurred on or near December 31. 2014. Required: Prepare and present the journal entry or entries needed at that date to record the transaction, and at December 31. 2015 to record any amortization, if necessary. If no enter is required at a particular date, indicate "none needed." (On your spreadsheet. you may just list the transactions by number, and place the journal entry or entries next to the number.) Falkland paid Jericho Company $200,000 for the exclusive right to market a particular product, using the Jericho name and logo in promotional material. The franchise runs for as long as Falkland is in business. Falkland decided to amortize the franchise over 25 years. Falkland spent $300.000 conducting research on a new manufacturing process and has applied for a patent. It believes that its application will be successful and that the patented process (leading to selling a new product) will be successfully implemented and used for 10 years. Falkland also spent $100,000 after attaining the point of "technical feasibility ." In January, 2015, Falkland's application for a patent (relating to 2 above) was granted. Legal and registration costs incurred were $35,000. The patent runs for 17 years from the grant date. The manufacturing process will be useful to Falkland for 10 years. Falkland incurred $200,000 in an unsuccessful defense of a different patent. As a result of the adverse verdict, the patent, with a remaining unamortized cost of $99,000. was deemed worthless. Falkland paid Mexico Laboratories $52,000 for research work performed by Mexico under contract for Falkland