Powerglide Company, organized in 2014, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2015. 1/2/15 Purchased patent (8-year life) 380,000 4/1/15 Goodwill (indefinite life) 360,000 7/1/15 Purchased franchise with 10-year life; expiration date 7/1/25 450,000 8/1/15 Payment of copyright (5-year life) 156,000 9/1/15 Development costs to increase the value of the patent. 215,000 (55,000 incurred after economic viability achieved) 1,561,000 Balance of Intangible Assets as of December 31, 2015. Patents 47500 Goodwill 360000 Franchise 45000 Copyrights 31200