Current Attempt in Progress The following are selected 2020 transactions of Blue Spruce Corporation. Jan. 1 Purchased a small company and recorded goodwill of $147,000. Its useful life is indefinite. May 1 Purchased for $114,000 a patent with an estimated useful life of 4 years and a legal life of 16 years. Prepare necessary adjusting entries at December 31 to record amortization required by the events above. (Credit occount titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the occount tittes and enter Ofor the amounts.) automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and ente O for the amounts.)