Marigold Corp., organized in 2020, has the following transactions related to intangible assets.1/2/20 Purchased patent (6-year life) $474,0004/1/20 Goodwill purchased (indefinite life) 360,0007/1/20 14-year franchise; expiration date 7/1/2034 588,0009/1/20 Research and development costs 166,000Calculate ending balances as at 12/31/20. Ending balancesPatents $enter the ending balance in dollars Goodwill $enter the ending balance in dollars Franchises $enter the ending balance in dollars Research and Development Expense $enter the ending balance in dollars

A patent is the conceding of a right to the of a property by the government to the inventor.Goodwill…

Answered: Marigold Corp., organized in 2020, has…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter7: Operating Assets

Section: Chapter Questions

Problem 62E

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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
Patents		$enter the ending balance in dollars
Goodwill		$enter the ending balance in dollars
Franchises		$enter the ending balance in dollars
Research and Development Expense		$enter the ending balance in dollars

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