Blossom 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: Jan. 2 Purchased patent (8-year life) $340,000 Mar. 31 Costs to search for new ways to apply patent that was purchased on Jan. 2 Apr. 1 Purchased goodwill (indefinite life) July 1 Purchased franchise with 10-year life; expiration date July 1, 2033 1 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1 Aug. 1 Payment for copyright (5-year life) 1 Purchased trademark (3-year life) 1 Purchased customer lists (2-year life) Sept. 1 Research costs (a) Your answer is correct. Intangible Assets-Patents Goodwill Intangible Assets-Franchises Research and Development Expense Intangible Assets-Copyrights Advertising Expense Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (Credit account titles are automatically indented when the amount is entered. Do no entries before credit entries.) Account Titles and Explanation Intangible Assets-Trademarks Intangible Assets-Customer lists Intangible Assets Debit 340000 300000 255000 257000 139200 33000 14400 8400 Credit 21,000 1347000 300,000 255,000 33,000 139,200 14,400 8,400 236,000 $1,347,000
Please answer the following question
Must choose from the following LIST OF ACCOUNTS:
Accounts Payable
Accounts Receivable
Accumulated Amortization - Copvrights
Accumulated Amortization - Customer Database
Accumulated Amortization - Customer lists
Accumulated Amortization - Development Costs
Accumulated Amortization - Franchises
Accumulated Amortization - Licences
Accumulated Amortization - Patents
Accumulated Amortization - Software
Accumulated Amortization - Trademarks
Accumulated
Accumulated Impairment Losses - Copyrights
Accumulated Impairment Losses -
Accumulated Impairment Losses - Licences
Accumulated Impairment Losses - Patents
Accumulated Impairment Losses - Trade Names
Accumulated Impairment Losses - Trademark
Administrative Expenses
Advances to Employees
Advertising Expense
Allowance for Doubtful Accounts
Amortization Expense
Bank Loans
Buildings
Cash
Common Shares
Cost of Goods Sold
Depreciation Expense
Equipment
Gain on Disposal of Intangible Assets
Gain on Sale of Equinment
Gain on Sale of Land
Goodwill
Income Summary
Intangible Assets
Intangible Assets-Copyrights
Intangible Assets-Customer lists
Intangible Assets-Development Costs
Intangible Assets-Franchises
Intangible Assets-Licences
Intangible Assets-Patents
Intangible Assets-Software
Intangible Assets-Software (New)
Intangible Assets-Software (Old)
Intangible Assets-Trade Names
Intangible Assets-Trademarks
Interest Expense
Interest Income
Interest Receivable
Inventory
Land
Leasehold Improvements
Loss on Disposal of Intangible Assets
Loss on Impairment
Loss on Impairment - Goodwill
Loss on Impairment - Licences
Loss on Impairment - Patents
Loss on Impairment - Trademarks
Loss on Sale of Copyright
Loss on Sale of Receivables
Machinery
Maintenance and Repairs Expense
Miscellaneous Expense
No Entry
Notes Payable
Notes Receivable
Office Expense
Operating Expenses
Prepaid Expenses
Prepaid Rent
Recovery of Loss from Impairment
Rent Expense
Research and Development Expense
Revaluation Gain or Loss
Revaluation Surplus (OCI)
Royalty Expense
Sales
Sales Discounts
Sales Discounts Forfeited
Selling Expenses
Supplies
Supplies Expense
Unearned Revenue
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