Cullumber Co., organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020 and 2021. Intangible Assets 7/1/20 8-year franchise; expiration date 6/30/28 10/1/20 Advance payment on laboratory space (2-year lease) $60,000 26,400 12/31/20 Net loss for 2020 including state incorporation fee, $2,500, and related legal fees of organizing, $6,500 (all fees incurred in 2020) 13,600 1/2/21 Patent purchased (10-year life) 82,400 3/1/21 Cost of developing a secret formula (indefinite life) 81,000 4/1/21 Goodwill purchased (indefinite life) 274,000 6/1/21 Legal fee for successful defense of patent purchased above 13,685 9/1/21 Research and development costs 140,000