The following transactions involving intangible assets of Renfro Corporation occurred on or near December $31,2003.$ Complete the chart below by writing the journal entry$($ies$)$ needed at that date to record the transaction and at December $31,2004$ to record any resultant amortization. If no entry is required at a particular date, write "none needed."

On Date

On

Renfro paid Grand Company $$200,000$ 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 Renfro is in business.

Renfro spent $$300,000$ developing a new manufacturing process. It has applied for a patent, and it believes that its application will be successful.

In January, $2004,$ Renfro's application for a patent $($#$2$ above$)$ was granted. Legal and registration costs incurred were $$35,000.$ The patent runs for $20$ years. The manufacturing process will be useful to Renfro for $10$ years.

Renfro incurred $$90,000$ in successfully defending one of its patents in an infringement suit. The patent expires during December, $2007.$

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

Renfro paid Sneed Laboratories $$52,000$ for research and development work performed by Sneed under contract for Renfro. The benefits are expected to last six years.