Concord Company, organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (5-year life) $350,000 4/1/20 Goodwill purchased (indefinite life) 360,000...

Can you please answer the empty boxes for Amortization and Franchises. Thank you!

Extracted text: Concord Company, organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (5-year life) $350,000 4/1/20 Goodwill purchased (indefinite life) 360,000 7/1/20 12-year franchise Research and development costs 360,000 9/1/20 198,000 (a1) Your answer is partially correct. Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (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 20 Patents 350,000 Cash 350,000 20 Goodwill 360,000 Cash 360,000 20 Franchises 360,000 Cash 360,000 20 Research and Development Expense 198,000 Cash 198,000 11/20 v Amortization Expense Franchises Patents 70000