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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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