SouthCo commenced operations early in 2014. A number of expenditures were made during 2014 that were debited to one account called intangible assets. A summary of the $876,000 balance in this account at the end of 2014 is as follows: Date Feb 3, 2014 Transaction Amount Direct costs of special programming needed when purchasing new software. $19,000 Feb 4, 2014 Feb 10, 2014 Executive salaries for time spent on development of an intangible asset Salaries of research staff 146,000 124,000 Apr 2, 2014 The cost of purchasing a patent from an inventor... 21,000 Apr 9, 2014 Purchase the net identifiable assets of X-cell Inc. 500,000 May 13, 2014 May 15, 2014 Various Jun 4, 2014 Legal fees for filing a patent on a new product resulting from a research project The cost of searching for applications for a new research findings Advertising costs 3,000 18,000 12,000 Research costs Total 33,000 $876,000 The purchase price of the X-cell Inc.'s net identifiable assets was debited to this account and were as follows: Receivables Equipment $80,000 390,000 Patents 180,000 Total assets 650,000 Notes payable assumed (220,000) Fair value of net assets $430,000