The following transactions involving intangible assets of Falkland Corporation occurred on or near December 31, 2020. Prepare the journal entry(ies) needed at that date to record the transaction. If no entry is required at a particular date, write "None needed."

1. Falkland paid Jericho Company $ 200,000 for the exclusive right to market a particular product, using the Jericho name and logo in promotional material. The franchise runs for as long as Falkland is in business. Falkland decided to amortize the franchise over 25 years.

2. Falkland spent $ 300,000 developing a new manufacturing process and has applied for a patent. It believes that its application will be successful and that the process will be successfully implemented and used for 10 years.

3. In January, 2021, Falkland's application for a patent (#2 above) was granted. Legal and registration costs incurred were $ 35,000. The patent runs for 17 years from the grant date. The manufacturing process will be useful to Falkland for 10 years.

4. Falkland incurred $ 90,000 in successfully defending another of its patents in an infringement suit. The patent expires during December 2024.

5. Falkland incurred $ 200,000 in an unsuccessful patent defence. As a result of the adverse verdict, the patent, with a remaining unamortized cost of $ 99,000, is deemed worthless.

6. Falkland paid Mexico Laboratories $ 52,000 for research work performed by Mexico under contract for Falkland