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Pharoah Company, organized in 2016, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been
Pharoah Company, organized in 2016, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2017.
| 1/2/17 | Purchased patent (9-year life) | $475,200 | ||
| 4/1/17 | Purchase goodwill (indefinite life) | 365,600 | ||
| 7/1/17 | Purchased franchise with 10-year life; expiration date 7/1/27 | 456,000 | ||
| 8/1/17 | Payment of copyright (5-year life) | 120,000 | ||
| 9/1/17 | Research and development costs | 241,000 | ||
| $1,657,800 |
Reflect all balances accurately as of December 31, 2017.
| Use straight-line amortization | ||
| Research and development costsGoodwillPatentsFranchisesCopyrights | $ | |
| FranchisesResearch and development costsGoodwillPatentsCopyrights | $ | |
| PatentsResearch and development costsGoodwillFranchisesCopyrights | $ | |
| Research and development costsPatentsGoodwillFranchisesCopyrights | $ | |
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