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) $ 246,000 Apr. 1 Goodwill purchased as part of an acquisition of another company $ 295.000 Jul. 1 Acquired a 9-year franchise; expiration date July 1, 2025 $ 442,800 Dec. 31 Determined that the recoverable amount of the patent and franchise to be $144,000 and $ 431,000 respectively. There was no indication that the goodwill was impaired. Prepare the necessary entries to record these intangibles. Assume all costs incurred were for cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 2 Patents 246000 Cash 246000 Apr. 1 Goodwill 295000 Cash 295000 (Part of the entry to record purchase of another company Jul. 1 Franchises 442800 Cash 442800 e Textbook and Media List of Accounts Prepare any adjusting journal entries required at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account title and enter for the amounts) Date Account Titles and Explanation Debit Credit Dec 31 Accumulated Amortization - Patent Amortization Expense-Patent (Amortization of Patent) Dec. 31 Accumulated Amortization - Franchise Amortization Expense - Franchise (Amortization of Franchise) Dec. 31 Loss on Impairment Accumulated Impairment Losses - Patent (Impairment of Patent) Dec. 31 Franchises Gain on Disposal (Impairment of Franchises) Dec. 31 (Impairment of Goodwill)