Blossom 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) $316,400

4/1/20 Purchase goodwill (indefinite life) 362,000

7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 442,000

8/1/20 Payment of copyright (5-year life) 170,400

9/1/20 Research and development costs 232,000

$1,522,800

(a1)

Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation Debit Credit

Patents 316,400

Goodwill 362,000

Franchises 442,000

Copyrights 170,400

Research and Development Expense 232,000

Intangible Assets 1,522,800

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(a2)

Make the entry as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation Debit Credit

enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount

enter an account title enter a debit amount enter a credit amount