Nelson Company, organized in 2014, has following transaction related to intangible assets 1/2/14 Purchased patent (6-year life) $480, 660 4/1/14 Goodwill purchased (indefinite life) 347, 630 7/1/14 10-year franchise; expiration date 7/1/2024 363,000 9/1/14 Research and development costs 181, 100 (a) Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2014 and recording any necessary amortization. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually.)