The following are selected 2020 transactions of Concord Corporation. Jan. 1 May 1 Purchased a small company and recorded goodwill of $155,000. Its useful life is indefinite. Purchased for $142,500 a patent with an estimated useful life of 5 years and a legal life of 19 years. Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter Ofor the amounts.) Debit Credit Date Account Titles and Explanation Dec. 31 (To record goodwill amortization) Dec. 31 (To record patent amortization)