ERercise 4-Intangible assets. (32 points The following transactions involving intangible assets of Minton Corporation occurred on December 31, 2017. Prepare the journal entry (ies) needed at that date to record the transaction AND at December 31, 2018 to record any resultant amortization. If no entry is required at a particular date, write "none needed. PLEASE WRITE THE JOURNAL ENTRIES IN THE ANSWER BOOKLET December 31, 2017 December (Transaction date) 31.2018 1. Minton paid Grand Company $400,000 for the exclusive right to market a particular product, using the Grand name and logo in promotional material. The franchise runs for as long as Minton is in business. 2. Minton spent $600,000 developing a new manufacturing process. It has applied for a patent, and it believes that its application will be successful. 3. In January, 2018, Minton's application for a patent (#2 above) was granted Legal and registration costs incurred were $210,000. The patent's legal life is 20 years. The new manufacturing process is estimated to have a useful life of 10 years. 4. Minton incurred $160,000 in successfully defending one of its other patents in an infringement suit. The patent expires during December, 2021. 5. Minton incurred $480,000 in an unsuccessful patent defense of yet, another patent. As a result of the adverse verdict, the patent, with a remaining unamortized cost of $252,000, is deemed worthless. 6. Minton paid Sneed Laboratories $104,000 for research and development work performed by Sneed under contract for Minton. The benefits are expected to last six years