Blossom Ltd. has these transactions related to intangible assets and goodwill in 2018, its first year of operations:

Jan. 2		Purchased a patent with an estimated useful life of five years for $ 36,020. The company that sold the patent to Collins registered the patent 10 years ago.
Apr. 1		Acquired another company and recorded goodwill of $ 293,900 as part of the purchase.
July 1		Acquired a franchise for $ 235,600. The franchise agreement is renewable without charge and not expected to expire.
Sept. 1		Incurred research costs of $ 144,000.
30		Incurred development costs of $ 50,700. A marketable product has been identified and resources have been secured so that production will start next year.
Dec. 31		Recorded annual amortization.
31		Tested the intangible assets for impairment. Recoverable amounts exceeded carrying amounts for all intangible assets. Also tested goodwill and determined that it had a recoverable amount of $ 244,770.

WP BLOSSOM LTD Statement of Financial Position (Partial) December 31, 2018 Assets Account Intangible Assets Patents Courses Less :|Accumulated Amortization-Patents Calendar Inbox Help eTextbook and Media List of Accounts 2018-11-1