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Pharoah Company, organized in 2022, has the following transactions related to intangible assets. ...

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Accounting

Pharoah Company, organized in 2022, has the following transactions related to intangible assets.
1/2/22 Purchased patent (7-year life)
$605,500
4/1/22 Goodwill purchased (indefinite life)
360,000
7/1/22 Acquired 10-year franchise; expiration date 7/1/2032600,000
9/1/22 Incurred research and development costs 182,000
(a1)
Prepare the necessary entries to record these transactions. All costs incurred were for cash. Make the adjusting entries as of December 31,2022, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered.Calculate ending balances as at 12/31/22
Patents,Goodwill,Franchises,research and development expense,amortization expense
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