Skysong, Inc., organized in 2020, has the following transactions related to intangible assets.

1/2/20		Purchased patent (5-year life)		$350,000
4/1/20		Goodwill purchased (indefinite life)		360,000
7/1/20		12-year franchise; expiration date 7/1/2032		360,000
9/1/20		Research and development costs		198,000

Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date	Account Titles and Explanation	Debit	Credit
choose a transaction date 1/2/204/1/207/1/209/1/2012/31/20	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date 1/2/204/1/207/1/209/1/2012/31/20	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date 1/2/204/1/207/1/209/1/2012/31/20	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date 1/2/204/1/207/1/209/1/2012/31/20	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
choose a transaction date 1/2/204/1/207/1/209/1/2012/31/20	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount
	enter an account title	enter a debit amount	enter a credit amount

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List of Accounts

Calculate ending balances as at 12/31/20.

		Ending balances
Patents		$enter the ending balance in dollars
Goodwill		$enter the ending balance in dollars
Franchises		$enter the ending balance in dollars
Research and Development Expense		$enter the ending balance in dollars

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