due in one hour

E12-6 (Recording and Amortization of Intangibles) Rolanda Marshall Company, organized in 2013, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2014.

1/2/14 4/1/14 7/1/14 8/1/14 9/1/14

Instructions

Purchased patent (8-year life) Purchase goodwill (indefinite life) Purchased franchise with 10-year life; expiration date 7/1/24 Payment of copyright (5-year life) Research and development costs

$350,000 360,000 450,000 156,000 215,000

$1,531,000

Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2014, recording any necessary amortiza- tion and reflecting all balances accurately as of that date. (Use straight-line amortization.)