Lake Company, organized in 2020, has the following transactions related to intangible assets in that year.  Lake Company uses the calendar year for financial reporting.   1/1/2020      Purchased patent (9-year life) $540,000 4/1/2020      Purchased trademarks (indefinite life) 240,000 7/1/2020 Purchased copyright on artwork; expiration date 7/1/2035 345,000 12/31/2020       Research and development costs 217,000   Enter your answers below in whole dollars without a $ sign (e.g

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Consolidation

Consolidation in general examination implies an asset oscillating between well-defined methods of trading status. Consolidation is commonly known as market indecisiveness, which completes when the asset's values move forward or backward the trading structure.