Section E: Intangible Assets The following transactions of ASU Corporation occurred at January 1, 2019. Prepare the journal entry needed at January 1 to record this transaction and at December 31, 2019 to record any resultant amortization. If no entry is required, write "no entry needed." 1. On January 1, 2019, ASU's application for a patent was granted. Legal and registration costs incurred were $80,000. The patent legal life is 20 years. The manufacturing process will be useful to ASU for 10 years. January 1, 2019 December 31, 2019 2. ASU spent $600,000 developing a new manufacturing process. It has applied for a patent, and it believes that its application will be successful. January 1, 2019 December 31, 2019 3. ASU incurred $150,000 in successfully defending one of its patents in an infringement suit. The patent expires in five (5) years. January 1, 2019 December 31, 2019