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

Question

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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