Account Titles and Explanation Debit Credit Amortization Expense 76666 Patents 466666 Franchise 30000 e Textbook and Media List of Accounts Your answer is partially correct Indicate what the intangible asset account balances should be on December 31, 2022. Patent 240000 On January 1, 2022, Haley Company had a balance of $360,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions, Jan. 2 Purchased a patent (5-year life) $280,000 Acquired a 9-year franchise; expiration date July 1, 2,031, $540,000, July 1 Sept. 1 Research and development costs $185.000