Pharoah 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) $304,500
4/1/20 Purchase goodwill (indefinite life) 345,000
7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 425,000
8/1/20 Payment of copyright (5-year life) 150,000
9/1/20 Research and development costs 215,000
$1,439,500
Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Question

07-05-2021
Business

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Pharoah 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) $304,500
4/1/20 Purchase goodwill (indefinite life) 345,000
7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 425,000
8/1/20 Payment of copyright (5-year life) 150,000
9/1/20 Research and development costs 215,000
$1,439,500
Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

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