CELESTINE CORPORATION was organized on 2019. Its accounting records include only one account for all intangible assets. The following is a summary of the debit entries that have been recorded and posted during 2019 and 2020: INTANGIBLE ASSETS July 1, 2019 8-year franchise; expires June 30, 2027 126,000 October 1, 2019 Advance payment on leasehold (term of lease is 2 years) 84.000 December 31, 2019 Net loss 2019 including incorporation fee, P3,000 and related 48,000 legal fees of organizing. P15, 000 fall fees incurred in 2019) January 2, 2020 Acquired patent A (25-year life determined by company) 222.000 March 1, 2020 Cost of developing secret formula 225.000 April 1, 2020 Goodwill purchased 835,200 May 1, 2020 Goodwill arising from business combination 850.000 May 1, 2020 Acquired copyright from the business combination with book 200,000 value (amortized for 20 years and expiring in October 2020) June 1, 2020 Registered Patent B at the patenting office 150,000 July 1, 2020 Legal fee for successful defense of patent purchased above 37.950 September 1, 2020 Legal fees for merger and acquisition documents related to the business combination 50.000 October 1, 2020 Research and development costs 480,000 November 30, 2020 Purchased Patent C with useful life of 5 years 120,000