The following transactions involving intangible assets of Sheridan Corporation occurred on or near December $31,2025.$

Sheridan paid Grand Company $$396,000$ 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 Sheridan is in business.

Sheridan spent $$768,000$ developing a new manufacturing process, It has applied for a patent, and it believes that its application will be successtul.

In January $2026,$ Sheridan's application for a patent $(42$ above$)$ was granted. Legal and registration costs incurred were $$195,300.$ The patent runs for $20$ years. The manufacturing process will be useful to Sheridan for $10$ vears.

Sheridan incurred $$180,800$ in successfully defending one of its patents in an infringement suit. The patent expires during December $2029.$

Sheridan incurred $$508,800$ in an unsuccessful patent defense. As a result of the adverse verdict, the patent, with a remaining unamortized cost of $$259,560,$ is deemed worthless.

Sheridan paid Sneed Laboratories $$97,760$ for research and development work performed by Sneed under contract for Sheridan. The benefits are expected to last six years.

prepare journal entry $($ies$)$ december $31,2026$ to record any resulting amortization.