Problem 4 (18%) The following transactions involving intangible assets of Minton Corporation occurred in 2018 and 2019. Prepare the journal entry(ies) for the following transactions on the date of transactions and prepare the journal entries on December 31 of 2018 and 2019 to record any resultant amortization. The amortization of the intangible assets of the company is round to the nearest month. Minton paid Grand Company 500,000 for the exclusive right to market a particular product on July 1 2018., using the Grand name and logo in promotional material. The franchise runs for as long as Minton is in business. Minton spent 600,000 developing a new manufacturing process (economic viability not achieved) on August 31, 2018 Record any adjusting entries (if any) on December 31 2018. On January 1, 2019, Minton's application for a patent (#2 above) was granted. On January 2, 2019, Legal and registration costs incurred were 140,000. The legal life of the patent is 20 years. The manufacturing process starts on January 2, 2019 and will be useful to Minton for 8 years. Minton incurred 217,000 on August 1 2019 in successfully defending the patent (requirement 4) in an infringement suit. Record any adjusting entries (if any) on December 31 2019