During the current year, Cartwright Corporation's accountant recorded numerous transactions in an account entitled Intangible Assets, as follows:

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11 25 Paid incorporation fees Paid legal fees for the organization of the company Paid for large-scale advertising campaign for the year 17,500 7,500 15,000 Apr. d land for $15,000 and a building for $20,000 to house the R&D activities. The building has a 20-year life 35,000 May 1 5 Purchased materials exclusively for use in R&D activities. Of these materials, 20% are left at the end of the year and will be used in the same project next year. (They have no allernative use.) 15,000 10,000 June 30 Dec. 11 Paid expenses related to obtaining a patent Purchased an experimental machine from an inventor. The machine is expected to be used for a particular R&D activit foR2 yeorter hichsibwill have no residual value 12,000 30,000 31 Paid salaries of employees involved in R&D.