Sunland Company, organized in 2020, has the following transactions related to intangible assets.

1/2/20Purchased patent (6-year life)$540,000

4/1/20Goodwill purchased (indefinite life)360,000

7/1/2014-year franchise; expiration date 7/1/2031532,000

9/1/20Research and development costs 158,000

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

Calculate ending balances as at 12/31/20.

Patents$

Goodwill$

Franchises$

Research and Development Expense