Gladow Corporation began operations in 2020 and has these transactions related to intangible assets in that year: Jan. 2 Purchased a patent (5-year life) Apr 1 Goodwill purchased as part of an acquisition of another company Jul. 1 Acquired a 9-year franchise; expiration date July 1, 2025 Dec 31 Determined that the recoverable amount of the patent and franchise to be $158,000 and $473,000 respectively. There was no indication that the good NEXT 3270,000 $324,009 3485.000 (a) was impaired. Your answer is correct. Prepare the necessary entries to record these intangibles. Assume all costs incurred were for cash. (Credit account is a Indent manually. If no entry is required, select "No Entry for the account tities and enter for the wady Date Account Titles anclaxplanation Jan. 2 Patents 1 Goodwill TCash (Part of the entry to record purchase of another company) 1 Franchises 486000 L1 Franchises Cash BACK NEET SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Attempts 1 of 2 used (b) Prepare any adjusting jornal entries required at December 31, 2020. (Credit account titles are automatically indente is required, select "No Entry" for the account tities and enter for the amounts.) Date Account Titles and Explanation Debit Dec 31 amount is entered. Do not indiet y . It ne entry (Amortization of Patent) Dec. 31 (Amortization of Franchise) Date Account Titles and Explanation Debit Credit Dec 31 (Amortization of Patent) Dec 31 (Amortization of Franchise) Dec 31 (Impairment of Patent) Dec. 31 (Impairment of Franchises) Dec 31 (Impairment of Goodwill)