* Question 8 Bridgeport Company, organized in 2020, has the following transactions related to intangible assets. 1/2/20 4/1/20 7/1/20 9/1/20 Purchased patent (8-year life) Goodwill purchased (indefinite life) 10-year franchise Research and development costs $560,000 360,000 340,000 152,000 Question 8 Your answer is partially correct. Try again. Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Debit Credit Date Account Titles and Explanation 11/2/20) Patents (560000 (560000 iCash (360000 14/1/20) Goodwill 1360000 Cash (340000 7/1/20) Franchises 1340000 Cash 1152000 19/1/20 Research and Development Expense 1152000) Cash) 70625 (12/31/20) Amortization Expense 170000 Patents J 17000 Franchises Attempts: 2 of 2 used * Question 8 Calculate ending balances as at 12/31/20. Ending balances Patents $ Questi Goodwill ta Franchises tA Research and Development Expense $