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The intangible assets section of MSG Restaurants at December 31, 2019, is presented below. Patents (72,000 cost less 7,200 amortization) 64,800 Franchises (50,400 cost less 20,160 amortization) 30,240 Total 95,040 The patent was acquired in January 1, 2019 and has a useful life of 10 years. The franchise was acquired in January 1, 2016 and also has a useful life of 10 years. The company does not use a contra-asset account for intangible assets. The following cash transactions may have affected intangible assets during 2020. Jan. 2 Paid 45,000 legal costs to successfully defend the patent against infringement by another company. Jan.-June Developed a new product, incurring 100,000 in research costs and 49,000 in development costs prior to technological feasibility. A patent was granted for the product on July 1. Its useful life is equal to its 20-year legal life. Oct. 1 Acquired a franchise for 110,000. The franchise has a useful life of 50 years. a Required: Prepare the necessary journal entries, including adjusting entries for amortization. (Note: Write no entry when no entry is required.) Debit Credit Date Jan. 2 Jan.- Jun. Oct. 1 Dec. 31, 2020 (adjusting entries)