Problem 3 (9 marks) The following transactions involving intangible assets of Aero Corporation occurred on or near December 31, 2020. Complete the chart below by preparing the journal entry(ies) needed at that date to record the transaction, and at December 31, 2021 to record any resultant amortization. If no entry is required at a particular date, write "None needed." a) Aero paid Jericho Company $ 200,000 for the exclusive right to market a particular product, using the Jericho name and logo in promotional material. The franchise runs for as long as Aero is in business. Aero decided to amortize the franchise over 25 years. b) In January, 2021, Aero's application for a patent (#2 above) was granted. Legal and registration costs incurred were $ 35,000. The patent runs for 17 years from the grant date. The manufacturing process will be useful to Aero for 10 years. c) Aero incurred $ 90,000 in successfully defending another of its patents in an infringement suit. The patent expires during December 2024. d) Aero paid Mexico Laboratories $ 52,000 for research work performed by Mexico under contract for Aero.