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) $330,000 Apr. 1 Goodwill purchased as part of an acquisition of another company $396,000 Jul. 1 Acquired a 9-year franchise; expiration date July 1, 2025 $594,000 Dec. 31 Determined that the recoverable amount of the patent and franchise to be $193,000 and $578,000 respectively. There was no indication that the goodwill was impaired.