Question 3 of 3 Pharoah Limited organized late in 2019 and set up a single account for all intangible assets. The following summary shows the entries in 2020 (all debits that have been recorded in Intangible Assets since then 5332.000 an 2 21000 Purchased patent (8-year life Costs to search for new ways to apply patent that was purchased on Jan 2 31 319.000 1 Purchased goodwill indefinite life) 259.000 uly 1 Purchased franchise with 10-year life opiration date July 1, 2030 33.000 1 Promotional costs to increase the future economic benefit of the goodwill that was purchased on for 1 Payment for copyright (5-year life 141.600 LE 1 14.400 1 Purchased trademark (3-year life) 8.400 1 Purchased customer ist (2year life) 239.000 pt 1 Research costs 51367,400 - Your answer partially correct Prepare the necessary entry to clear the Intangible Assets account and to set up seperate accounts for distinct types of intangibles Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit anglePants 332000 Research and Development 260000 Goodwill 319000 Intangibles Franchise 259000 Advertising Expert 35000 tanget-Copyright 141600 Ades-Tademar 24400 Incangble Ass Customer at B900 mange 135.000 Your answer is partially correct Make the entry as at December 31, 2020, for any necessary amortization so that all balances are accurate as at that date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to decimal places.es 5,275 Debit Credit Account Titles and Explanation 332000 Pa 319000 Goodwill 259000 Franchise LATE ONLINE 260000 Research and Development Expense 141600 Intangible Assets Copyright BODO Customer e Textbook and Media List of Accounts * Your answer is incorrect. Provide the asset amounts reported on the December 31, 2020 statement of financial position. (Round answers to decimal places eg. 5,275) Patents 41500 Franchise 12950 Copyright 11800 DOLARA Trademark 2000 Customer list 1750 Goodwill