Concord Company, organized in 2020, has the following transactions related to intangible assets. ...
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Accounting
Concord Company, organized in 2020, has the following transactions related to intangible assets.
| 1/2/20 | Purchased patent (7-year life) | $490,000 | ||
| 4/1/20 | Goodwill purchased (indefinite life) | 360,000 | ||
| 7/1/20 | 15-year franchise | 600,000 | ||
| 9/1/20 | Research and development costs | 192,000 |
Calculate ending balances as at 12/31/20.
| Ending balances | ||
|---|---|---|
| Patents | ||
| Goodwill | ||
| Franchises | ||
| Research and Development Expense |
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