9.4

Haley Company, organized m 2014, has these transactions related to IntangM* assetS in that year: Jan. 2 Purchased a patent (5-year life) $280,000. Apr. 1 Goodwill acquired as a result of purchased business (indefinite life) $360,000. July 1 Acquired a 9-year franchise; expiration date July I, 2023, $540,000. Sept. 1 Research and development costs $185,000. Prepare the necessary entries to record these transactions related to intangibles. All costs Incurred were for cash