Exercise 9-12 On January 1, 2017, Blossom Company had a balance of $416,500 of goodwill on its balance sheet that resulted from the small business in a prior year. The goodwill had an indefinite life. During 2017, the company had the following additional transactions. Jan. 2 Purchased a patent (5-year life) $337,0s0. uly 1 Acquired a 9-year franchise; expiration date July 1, 2026, $568,800. Sept. 1 Research and development costs $180,500. of a not indent manually. If no entry is required, select "No Entry for the account titles and enter 0 for the amounts.) e.. is required, Account Titles and Explanation Debit Credit