Ivanhoe Company, organized in 2019, has set up a single account for all intangible assets. The following
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Ivanhoe 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 (8-year life) | | $346,400 |
| 4/1/20 | | Purchase goodwill (indefinite life) | | 343,000 |
| 7/1/20 | | Purchased franchise with 10-year life; expiration date 7/1/30 | | 423,000 |
| 8/1/20 | | Payment of copyright (5-year life) | | 147,600 |
| 9/1/20 | | Research and development costs | | 213,000 |
| | | | | $1,473,000 |
Expert Answer:
1220 Purchased patent 8year life Purchases Real Account Debit entry 346400 4120 Purchase ... View the full answer
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