Oriole 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 (7-year life) $303,800 4/1/20 Purchase goodwill (indefinite life) 344,000 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 424,000 8/1/20 Payment of copyright (5-year life) 148,800 9/1/20 Research and development costs 214,000 $1,434,600