Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts...

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Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Cullumber Limited organized late in 2022 and set up a single account for all intangible assets. The following summary shows the entries in 2023 (all debits) that have been recorded in Intangible Assets since then: an. 2 ar. 31 Apr. 1 uly 1 ug. ept. 1 1 1 1 1 Purchased patent (8-year life) Costs to search for new way to apply patent that was purchased on Jan. 2 Purchased goodwill (indefinite life) Purchased franchise with 10-year life; expiration date July 1, 2033 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1 Payment for copyright (5-year life) Purchased trademark (3-year life) Purchased customer lists (2-year life) Research costs $328,000 21,000 300,000 262,000 33,000 141,600 14,400 9,600 240,000 $1,349,600 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Cullumber Limited organized late in 2022 and set up a single account for all intangible assets. The following summary shows the entries in 2023 (all debits) that have been recorded in Intangible Assets since then: an. 2 ar. 31 Apr. 1 uly 1 ug. ept. 1 1 1 1 1 Purchased patent (8-year life) Costs to search for new way to apply patent that was purchased on Jan. 2 Purchased goodwill (indefinite life) Purchased franchise with 10-year life; expiration date July 1, 2033 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1 Payment for copyright (5-year life) Purchased trademark (3-year life) Purchased customer lists (2-year life) Research costs $328,000 21,000 300,000 262,000 33,000 141,600 14,400 9,600 240,000 $1,349,600

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A Debit Credit Intangible Assets Patents 342000 Goodwill 315000 Intangible Assets Franchises 2480... View the full answer