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) $360,000 Apr. 1 Goodwill purchased as part of an acquisition of another company $432.000 Jul. 1 Acquired a 9-year franchise; expiration date July 1, 2025 $648,000 Dec. 31 Determined that the recoverable amount of the patent and franchise to be $210,000 and $630,000 respectively. There was no indication that the goodwill was impaired.