N Women's Tory Burch Snoos w tolry burch sildes - Yahoo si Pharoah Company, 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. 1/2/20 Purchased patent (8-year life) 4/1/20 Purchase goodwill indefinite life) 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 8/1/20 Payment of copyright (5-year life) 9/1/20 Research and development costs $356,800 356,000 436,000 163,200 226,000 $1,538,000 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 amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Delet Credit Account Titles and Explanation ABC HO 4 List of Accounts Make the entry as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit I e Textbook and Media List of Accounts e Textbook and Media List of Accounts Reflect all balances accurately as of December 31, 2020. Use straight-line amortization $ I v $ e Textbook and Media List of Accounts 5 6 & 7 8 9. E R