On January 1, 2002, Landon Company purchased a franchise to operate a regionally owned fast-food restaurant for a cost of $250,000. On July 1, 2002, Landon Company purchased another existing business in a nearby city for a total cost of $750,000. The market value of the land, building, and equipment, and other tangible assets was $550,000. The excess $200,000 was recorded as goodwill, to be amortized over a 20-year period. Assuming Landon Company amortizes franchises over a 10-year period, record the following: 1. The purchase of the franchise on January 1, 2002. 2. The amortization of the franchise and goodwill at December 31, 2002. 3. The amortization of the franchise and goodwill at December 31, 2003.