Concord Company, organized in 2022 has the following transactions related to intangible assets.

1/2/20Purchased patent (7-year life)$532000

4/1/22Goodwill purchased (indefinite life)360,000

7/1/2210-year franchise With an expiration date of 7/1/2022600,000

9/1/22Research and development costs171,500

Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

b. Calculate ending balances as at 12/31/22

Ending balances

Patents

$enter a dollar amount

Goodwill

$enter a dollar amount

Franchises

$enter a dollar amount

Research and Development Expense

$enter a dollar amount