Henning Company, organized in 2020, has the following transactions related to intangible assets.

1/2/20Purchased patent (7-year life)

$840,000 4/1/20 Goodwill purchased (indefinite life) 450,000.

7/1/2010-year franchise: expiration date 7/1/2030 330,000

9/1/20 Research and development costs 210,000

Instructions

Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization and reflecting all balances accurately as of that date.