Siamese plc, organized in 2018, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2019.

01/02/2019 Purchased patent (8-year life) P 380,000

04/01/2019 Goodwill (indefinite life) 360,000

07/01/2019 Purchased franchise with 10-year life; expiration date 07/01/2029 450,000

08/01/2019 Payment of copyright (5-year life) 156,000

09/01/2019 Development costs to increase the value of the patent

(P55,000 incurred after economic viability achieved) 215,000

P1,561,000

Required:

Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2019, recording any necessary amortization and reflecting all balances accurately as of that date. (Use straight-line amortization.)