The following transactions involving intangible assets of Walkland Corporation occurred in January 2021. Complete the chart below by preparing the journal entry(ies) needed at that date to record the transaction, and on December 31, 2021 to record any resultant amortization. If no entry is required at a particular date, write "None needed."

Transactions: 1. Walkland paid Xeriche Company $400,000 for the exclusive right to market a particular product, using the Xeriche name and logo in promotional material. The franchise runs for as long as Walkland is in business. Walkland decided to amortize the franchise over 25 years. 2. Walkland spent $350,000 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, Walkland's application for a patent (\#2 above) was granted. Legal and registration costs incurred were $55,000. The patent runs for 17 years from the grant date. The manufacturing process will useful to Walkland for 10 years. 4. Walkland incurred $120,000 in successfully defending another of its patents in an infringement suit. The patent expires in December 2026. 5. Walkland incurred \$210,000 in an unsuccessful patent defence. As a result of the adverse verdict, the patent, with a remaining unamortized cost of $111,000, is deemed worthless. 6. Walkdand paid Texico Laboratories $75,000 for research work performed by Texico under contract for Walkland