Melissa Company, which was organized in January 2020, recorded the following transactions during the year in a single account called Intangible Assets:

Note: The president of Melissa has stated that she believes the employee training costs have resulted in goodwill.

Required:

a.	Prepare an entry as of December 31, 2020, to reclassify the items from the intangible assets account to the appropriate accounts.
b.	Prepare the adjusting entry or entries required to amortize any intangible assets recorded or remaining from requirement a. Patents are estimated to have a ten-year economic life. Any other intangible assets recognized should be amortized over their legal life. Record amortization to the nearest month, using the straight-line method. Round your final answer to the nearest whole dollar.

Intangible Assets 2020 January 2 State incorporation fees January 2 Legal fee to incorporate January 3 Underwriter fees for handling stock issue March 1 Patent acquired from Laura Company June 1 Employee training costs-see note December 1 Legal costs incurred to defend patent acquired on Mar. 1 (Melissa Co. won the lawsuit) December 1 Discount on bonds payable January- December R&D costs incurred for new product development December 31 Catering costs for board of directors' meeting December 31 Ending balance $10,000 20,000 45,000 240,000 20,000 110,000 450,000 180,000 12,000 $1,087,000