Cullumber 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 Jan 2 Purchased patent (8 year life) $342,000 Mar 31 Costs to search for new ways to apply patent that was purchased on Jan 2 21,000 Apr 1 Purchased goodwill (indefinite life) 315,000 July 1 Purchased franchise with 10 year life expiration date July 1, 2030 248,000 1 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr 1 33,000 Aug 1 Payment for copyright (5 year life) 132,000 1 Purchased trademark (3 year life) 14,400 1 Purchased customer list (2 year life) 9,600 Sept 1 Research costs 234,000 $1,349,000 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles (Credit account titles are automatically indented when the amount is entered Do not indent manually ) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Make the entry as at December 31, 2020, for any necessary amortization so that all balances are accurate as at that date (Credit account titles are automatically indented when the amount is entered Do not indent manually Round answers to 0 decimal places, e g 5,275 ) Account Titles and Explanation Debit Credit enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount enter an account title enter a debit amount enter a credit amount SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Provide the asset amounts reported on the December 31, 2020 statement of financial position (Round answers to 0 decimal places, e g 5,275 ) Patents enter a dollar amount rounded to 0 decimal places Franchise enter a dollar amount rounded to 0 decimal places Copyright enter a dollar amount rounded to 0 decimal places Trademark enter a dollar amount rounded to 0 decimal places Customer list enter a dollar amount rounded to 0 decimal places Goodwill enter a dollar amount rounded to 0 decimal places

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Cullumber Limited organized late in 2019 and set up a single account for all intangible assets. The following summary shows the entries in 2020 (all

Cullumber 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:

Jan.	2	Purchased patent (8-year life)	$342,000
Mar.	31	Costs to search for new ways to apply patent that was purchased on Jan. 2	21,000
Apr.	1	Purchased goodwill (indefinite life)	315,000
July	1	Purchased franchise with 10-year life; expiration date July 1, 2030	248,000
	1	Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1	33,000
Aug.	1	Payment for copyright (5-year life)	132,000
	1	Purchased trademark (3-year life)	14,400
	1	Purchased customer list (2-year life)	9,600
Sept.	1	Research costs	234,000
			$1,349,000

Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Make the entry as at December 31, 2020, for any necessary amortization so that all balances are accurate as at that date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275.)

Account Titles and Explanation	Debit	Credit
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount
enter an account title	enter a debit amount	enter a credit amount

SHOW LIST OF ACCOUNTS

LINK TO TEXT

Provide the asset amounts reported on the December 31, 2020 statement of financial position. (Round answers to 0 decimal places, e.g. 5,275.)

Patents		enter a dollar amount rounded to 0 decimal places
Franchise		enter a dollar amount rounded to 0 decimal places
Copyright		enter a dollar amount rounded to 0 decimal places
Trademark		enter a dollar amount rounded to 0 decimal places
Customer list		enter a dollar amount rounded to 0 decimal places
Goodwill		enter a dollar amount rounded to 0 decimal places