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 4/1/20 344.000 7/1/20 Purchase goodwill (indefinite life) Purchased franchise with 10-year life; expiration date 7/1/30 Payment of copyright (5-year life) 424.000 8/1/20 148,800 9/1/20 Research and development costs 214.000 $1,434,600