9-3 Gill Company, organized in 2017, has the following transactions related to intan- gible assets. Purchased patent (7-year life) Goodwill purchased (indefinite life) 10-year franchise; expiration date 7/1/2027 Research and development costs $595,000 360,000 480,000 185,000 Instructions Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2017, recording any necessary amortization and reflecting all balances accurately as of that date. E9-14 During 2017, Paola Corporation reported net sales of $3,500,000 and net income of $1,500,000. Its balance sheet reported average total assets of $1,400,000. Instructions Calculate the asset turnover