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Blossom Limited organized late in 2019 and set up a single account for all intangible assets. The following summary shows the entries in 2020 (all

Blossom Limited organized late in 2019 and set up a single account for all intangible assets. The following summary shows the entries in 2020 (all debits) that have been recorded in Intangible Assets since then:

Jan. 2 Purchased patent (8-year life) $340,000
Mar. 31 Costs to search for new ways to apply patent that was purchased on Jan. 2 21,000
Apr. 1 Purchased goodwill (indefinite life) 300,000
July 1 Purchased franchise with 10-year life; expiration date July 1, 2030 255,000
1 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1 33,000
Aug. 1 Payment for copyright (5-year life) 139,200
1 Purchased trademark (3-year life) 14,400
1 Purchased customer list (2-year life) 8,400
Sept. 1 Research costs 236,000
$1,347,000

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

Make the entry as at December 31, 2020, for any necessary amortization so that all balances are accurate as at that date.

Provide the asset amounts reported on the December 31, 2020 statement of financial position. (Round answers to 0 decimal places, e.g. 5,275.)

Patents

enter a dollar amount rounded to 0 decimal places

Franchise

enter a dollar amount rounded to 0 decimal places

Copyright

enter a dollar amount rounded to 0 decimal places

Trademark

enter a dollar amount rounded to 0 decimal places

Customer list

enter a dollar amount rounded to 0 decimal places

Goodwill

enter a dollar amount rounded to 0 decimal places

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