Nelson Company, organized in 2017, has the following transactions related to intangible assets . 1/2/17.....Purchased patent (7-year

Question:

Nelson Company, organized in 2017, has the following transactions related to .
1/2/17.....Purchased patent (7-year life)............................................................$560,000
4/1/17.....Goodwill purchased (indefinite life)....................................................360,000
7/1/17.....8-year franchise; expiration date 7/1/2025..............................................440,000
11/1/17...Research and development costs incurred prior to technological feasibility........448,000
Instructions
Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2017, recording any necessary amortization and reflecting all balances accurately as of that date.
Intangible Assets
An intangible asset is a resource controlled by an entity without physical substance. Unlike other assets, an intangible asset has no physical existence and you cannot touch it.Types of Intangible Assets and ExamplesSome examples are patented...