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Prepare the necessary entry to clear the Intangible Assets

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Question - Blossom Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020.

1/2/20 Purchased patent (7-year life) $316,400

4/1/20 Purchase goodwill (indefinite life) 362,000

7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 442,000

8/1/20 Payment of copyright (5-year life) 170,400

9/1/20 Research and development costs 232,000

$1,522,800

Required - Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles.

Reference no: EM132635391

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