Gill Company, organized in 2017, has the following transactions related to intangible assets.

1/2/17		Purchased patent (6-year life)		$474,000
4/1/17		Goodwill purchased (indefinite life)		360,000
7/1/17		14-year franchise; expiration date 7/1/2,031		588,000
9/1/17		Research and development costs		166,000

Exercise 10-13 Gill Company, organized in 2017, has the following transactions related to intangible assets. 1/2/17 Purchased patent (6 year life]) 4/1/17 Goodwill purchased (indefinite life) 7117 14-year franchise; expiration date 71/2,031 9/1/17 Research and development costs $474,000 360,000 588,000 166,000 Your answer is partially correct. Try again