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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

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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