Cheyenne Company, organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (5-year life) $380,000 4/1/20 Goodwill purchased (indefinite life) 360,000 7/1/20 12-year franchise; expiration date 7/1/2032 600,000 11/1/20 Research and development costs incurred prior to technological feasibility 448,000 Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Record entries in the order displayed in the problem statement Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit