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Novak Company, organized in 2020, has the following transactions related to intangible assets. 1/2/20 Purchased patent (6-year life) $504,000 4/1/20 Goodwill purchased (indefinite life) 360,000
Novak Company, organized in 2020, has the following transactions related to intangible assets.
| 1/2/20 | Purchased patent (6-year life) | $504,000 | ||
| 4/1/20 | Goodwill purchased (indefinite life) | 360,000 | ||
| 7/1/20 | 15-year franchise | 480,000 | ||
| 9/1/20 | Research and development costs | 164,000
Calculate ending balances as at 12/31/20. patents: goodwill: Franchises: research and development expense:
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