Current Attempt in Progress Pharoah Company, organized in 2024, has set up a single account for...

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Current Attempt in Progress Pharoah Company, organized in 2024, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2025. 1/2/25 Purchased patent (8-year life) $356,800 4/1/25 Purchase goodwill (indefinite life) 356,000 7/1/25 Purchased franchise with 10-year life; expiration date 7/1/35 436,000 8/1/25 Payment of copyright (5-year life) 163,200 9/1/25 Research and development costs 226,000 $1,538,000 Current Attempt in Progress Pharoah Company, organized in 2024, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2025. 1/2/25 Purchased patent (8-year life) $356,800 4/1/25 Purchase goodwill (indefinite life) 356,000 7/1/25 Purchased franchise with 10-year life; expiration date 7/1/35 436,000 8/1/25 Payment of copyright (5-year life) 163,200 9/1/25 Research and development costs 226,000 $1,538,000