1-

Sunland Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020.

1/2/20		Purchased patent (7-year life)		$305,900
4/1/20		Purchase goodwill (indefinite life)		347,000
7/1/20		Purchased franchise with 10-year life; expiration date 7/1/30		427,000
8/1/20		Payment of copyright (5-year life)		152,400
9/1/20		Research and development costs		217,000
				$1,449,300

a:Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles

b:Make the entry as of December 31, 2020, recording any necessary amortization.

c: Reflect all balances accurately as of December 31, 2020.

Use straight-line amortization
select an intangible asset GoodwillFranchisesResearch and development costsCopyrightsPatents		$enter a dollar amount
select an intangible asset Research and development costsGoodwillPatentsFranchisesCopyrights		$enter a dollar amount
select an intangible asset PatentsCopyrightsGoodwillFranchisesResearch and development costs		$enter a dollar amount
select an intangible asset GoodwillFranchisesCopyrightsPatentsResearch and development costs		$enter a dollar amount