The intangible assets section of Pronghorn Company at December 31, 2020, is presented below Patents ($82,000 cost less $8,200 amortization) $73,800 Franchises ($43,000 cost less $17,200 amortization) 25,800 Total $99,600 The patent was acquired in January 2020 and has a useful life of 10 years The franchise was acquired in January 2017 and also has a useful life of 10 years The following cash transactions may have affected intangible assets during 2021 Jan 2 Paid $22,500 legal costs to successfully defend the patent against infringement by another company Jan June Developed a new product, incurring $146,000 in research and development costs A patent was granted for the product on July 1 Its useful life is equal to its legal life Sept 1 Paid $52,000 to an extremely large defensive lineman to appear in commercials advertising the companys products The commercials will air in September and October Oct 1 Acquired a franchise for $142,000 The franchise has a useful life of 50 years Prepare journal entries to record the 2021 amortization expense (Credit account titles are automatically indented when amount is entered Do not indent manually Record journal entries in the order presented in the problem If no entry is required, select No Entry for the account titles and enter o for the amounts ) Date Account Titles and Explanation Debit Credit (To record patents amortization) (To record franchise amortization)

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The intangible assets section of Pronghorn Company at December 31, 2020, is presented below. Patents ($82,000 cost less $8,200 amortization) $73,800 Franchises ($43,000 cost less

The intangible assets section of Pronghorn Company at December 31, 2020, is presented below.

Patents ($82,000 cost less $8,200 amortization)		$73,800
Franchises ($43,000 cost less $17,200 amortization)		25,800
Total		$99,600

The patent was acquired in January 2020 and has a useful life of 10 years. The franchise was acquired in January 2017 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2021.

Jan. 2		Paid $22,500 legal costs to successfully defend the patent against infringement by another company.
Jan.June		Developed a new product, incurring $146,000 in research and development costs. A patent was granted for the product on July 1. Its useful life is equal to its legal life.
Sept. 1		Paid $52,000 to an extremely large defensive lineman to appear in commercials advertising the companys products. The commercials will air in September and October.
Oct. 1		Acquired a franchise for $142,000. The franchise has a useful life of 50 years.

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Prepare journal entries to record the 2021 amortization expense. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit (To record patents amortization) (To record franchise amortization)