Gill Company, organized in 2015, has the following transactions related to intangible assets.

1/2/15	Purchased patent (7-year life)	$595,000
4/1/15	Goodwill purchased (indefinite life)	360,000
7/1/15	10-year franchise; expiration date 7/1/2025	480,000
9/1/15	Research and development costs	185,000

	Your answer is partially correct. Try again.

Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2015, recording any necessary amortization.(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. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

Date	Account Titles and Explanation	Debit	Credit
1/2/154/1/157/1/159/1/1512/31/15
1/2/154/1/157/1/159/1/1512/31/15
1/2/154/1/157/1/159/1/1512/31/15
1/2/154/1/157/1/159/1/1512/31/15
1/2/154/1/157/1/159/1/1512/31/15

SHOW LIST OF ACCOUNTS

LINK TO TEXT

	Your answer is incorrect. Try again.

Calculate ending balances as at 12/31/15.

Ending balances
Patents	$
Goodwill	$
Franchises	$
Research and Development Expense	$