Pronghorn Enterprises has a December 31 fiscal year end and uses straight-line amortization to the nearest month for its finite-life intangible assets. The company has provided you with the following information related to its intangible assets and goodwill during 2020 and 2021:

2020
Jan. 9		Purchased a patent with an estimated useful life of 5 years and a legal life of 20 years for $45,000 cash.
May 15		Purchased another company and recorded goodwill of $560,000 as part of the purchase.
Dec. 31		Recorded adjusting entries as required for amortization.
Dec. 31		Tested assets for impairment and determined the patent and the goodwill's recoverable amounts were $41,000and $502,000, respectively.

2021
Jan. 2		Incurred legal fees of $18,000 to successfully defend the patent.
Mar. 31		Incurred research costs of $151,000.
Apr. 1		Purchased a copyright for $54,000 cash. The company expects the copyright will benefit the company for 10years.
July 1		Purchased a trademark with an indefinite expected life for $230,000 cash.
Dec. 31		Recorded adjusting entries as required for amortization.

Record the transactions and adjusting entries as required. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Record journal entries in the order presented in the problem.) 2020:

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date

	enter an account title to record cash purchase of patent	enter a debit amount	enter a credit amount
	enter an account title to record cash purchase of patent	enter a debit amount	enter a credit amount
	(To record cash purchase of patent.)
choose a transaction date

	enter an account title to record goodwill as part of purchase of another company	enter a debit amount	enter a credit amount
	enter an account title to record goodwill as part of purchase of another company	enter a debit amount	enter a credit amount
	(To record goodwill as part of purchase of another company.)
choose a transaction date

	enter an account title to record amortization expense	enter a debit amount	enter a credit amount
	enter an account title to record amortization expense	enter a debit amount	enter a credit amount
	(To record amortization expense.)
choose a transaction date

	enter an account title to record impairment loss on goodwill	enter a debit amount	enter a credit amount
	enter an account title to record impairment loss on goodwill	enter a debit amount	enter a credit amount
	(To record impairment loss on goodwill.)

2021:

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date

	enter an account title to record successful defence of patent	enter a debit amount	enter a credit amount
	enter an account title to record successful defence of patent	enter a debit amount	enter a credit amount
	(To record successful defence of patent.)
choose a transaction date

	enter an account title to record research expense	enter a debit amount	enter a credit amount
	enter an account title to record research expense	enter a debit amount	enter a credit amount
	(To record research expense.)
choose a transaction date

	enter an account title to record cash purchase of copyright	enter a debit amount	enter a credit amount
	enter an account title to record cash purchase of copyright	enter a debit amount	enter a credit amount
	(To record cash purchase of copyright.)
choose a transaction date

	enter an account title to record cash purchase of trademark	enter a debit amount	enter a credit amount
	enter an account title to record cash purchase of trademark	enter a debit amount	enter a credit amount
	(To record cash purchase of trademark.)
choose a transaction date

	enter an account title to record amortization expense	enter a debit amount	enter a credit amount
	enter an account title to record amortization expense	enter a debit amount	enter a credit amount
	enter an account title to record amortization expense	enter a debit amount	enter a credit amount
	(To record amortization expense.)

Show the balance sheet presentation of the intangible assets and goodwill at December 31, 2021. (List Intangible Assets in order of Patents, Copyrights and Trademarks.)

Pronghorn Enterprises Balance Sheet (Partial) choose the accounting period

Assets

select an opening section name

enter a balance sheet item			$enter a dollar amount
select between addition and deduction

: enter a balance sheet item			enter a dollar amount	$enter a subtotal of the two previous amounts
enter a balance sheet item			enter a dollar amount
select between addition and deduction

: enter a balance sheet item			enter a dollar amount	enter a subtotal of the two previous amounts
enter a balance sheet item				enter a dollar amount
select a closing section name

				enter a total amount for this section
enter a balance sheet item