These are selected $2022$ transactions for Martinez Corporation.

Jan. $1$ Purchased a small company and recorded goodwill of $$200,000.$ Its useful life is indefinite.

May $1$ Purchased a patent with an estimated useful life of $5$ years and a legal life of $16$ years for $$142,500.$ entry is required, select $"$No entry" for the account titles and enter $0$ for the amounts.$)$

$\backslash$table$[[$Date$,$Account Titles and Explanation,Debit$],[$Dec$.31,,]]$