The following transactions involving intangible assets of Blossom Corporation occurred on or near December 31, 2020.

1.		Minton paid Grand Company $520,000 for the exclusive right to market a particular product, using the Grand name and logo in promotional material. The franchise runs for as long as Blossom is in business.
2.		Blossom spent $582,000 developing a new manufacturing process. It has applied for a patent, and it believes that its application will be successful.
3.		In January, 2021, Blossom's application for a patent (#2 above) was granted. Legal and registration costs incurred were $195,300. The patent runs for 20 years. The manufacturing process will be useful to Minton for 10 years.
4.		Blossom incurred $184,000 in successfully defending one of its patents in an infringement suit. The patent expires during December, 2024.
5.		Blossom incurred $595,200 in an unsuccessful patent defense. As a result of the adverse verdict, the patent, with a remaining unamortized cost of $274,680, is deemed worthless.
6.		Blossom paid Sneed Laboratories $95,680 for research and development work performed by Sneed under contract for Blossom. The benefits are expected to last six years.

(a)

Prepare journal entries for on the date of transaction. (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.)

No.	Account Titles and Explanation	Debit	Credit
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5.
	(To record amount incurred.)
	(To record unamortized cost.)
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