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: 2 Purchased patent (8-year life) $325,000 31 Costs to search for new ways to apply patent that was purchased on Jan. 2 21,000 1 Purchased goodwill indefinite life) 300,000 1 Purchased franchise with 10-year life; expiration date July 1, 2030 245.000 1 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1 33,000 1 Payment for copyright (5-year life) 133,200 1 Purchased trademark (3-year life) 14.400 1 Purchased customer list (2 year life) 9,600 1 Research costs 230,000 $1.311.200 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: 2 Purchased patent (8-year life) $325,000 31 Costs to search for new ways to apply patent that was purchased on Jan. 2 21,000 1 Purchased goodwill indefinite life) 300,000 1 Purchased franchise with 10-year life; expiration date July 1, 2030 245.000 1 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1 33,000 1 Payment for copyright (5-year life) 133,200 1 Purchased trademark (3-year life) 14.400 1 Purchased customer list (2 year life) 9,600 1 Research costs 230,000 $1.311.200