Institute Limited organized late in 2013 and set up a single account for all intangible assets. The following summary shows the entries in 2014 (all debits) that have been recorded in intangible assets since then:

Instructions
(a) Prepare the necessary entries to clear the intangible assets account and to set up separate accounts for distinct types of intangibles.
(b) Make the entries as at December 31, 2014, for any necessary amortization so that all balances are accurate as at that date.
(c) Provide the asset amounts reported on the December 31, 2014 statement of financial position.

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320,000 Jan. 2 Purchased patent (8-year life) Mar. 31 Costs to search for new ways to apply patent that was purchased on Jan. 2 21,000 310,000 Apr. Purchased goodwill (indefinite life) July 1 Purchased franchise with 10-year life; expiration date July 1, 2024 250,000 1 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1 33,000 140,000 15,000 10,000 239,000 $1,338,000 Aug. Payment for copyright (5-year life) 1 1 Purchased trademark (3-year life) Purchased customer list (2-year life) Sept. 1 Research costs