Marigold Corp., organized in 2020, has the following transactions related to intangible assets.
1/2/20 | Purchased patent (6-year life) | $474,000 | ||
4/1/20 | Goodwill purchased (indefinite life) | 360,000 | ||
7/1/20 | 14-year franchise; expiration date 7/1/2034 | 588,000 | ||
9/1/20 | Research and development costs | 166,000 |
Calculate ending balances as at 12/31/20.
Ending balances
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Patents
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$enter the ending balance in dollars | |
Goodwill
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$enter the ending balance in dollars | |
Franchises
|
$enter the ending balance in dollars | |
Research and Development Expense
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$enter the ending balance in dollars |
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