Powerglide Company, organized in 2011, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2012. 1/2/12 Purchased patent (9-year life) $438,930 4/1/12 Goodwill (indefinite life) 349,400 7/1/12 Purchased franchise with 10-year life; expiration date 7/1/22 485,600 8/1/12 Payment of copyright (5-year life) 203,520 9/1/12 Research and development costs 240,400 $1,717,850 (b) Make the entry as of December 31, 2012, recording any necessary amortization. (c) Reflect all balances accurately as of December 31, 2012. (Use straight-line amortization.)