Munn Inc. has transactions and other information relating to intangible assets as follows.

A trademark was purchased for $$8,000$ on August $31,2020.$ The trademark is considered to have an indefinite life. The fair value of the trademark on December $31,2020,$ is $$4,500.$

Munn Inc. lost a patent infringement suit in April $2021$ and paid the plaintiff $$7,500.$

Required:

Given the information above, prepare all necessary journal entries in $2020$ and $2021.$

Note: You may create a table as follows to organize your journal entries.

$\backslash$table$[[$Date$,$Account titles,Debit,Credit$],[1,$Cash,$10,000,],[,$Sales Revenue,,$10,000]]$