Exercise 9-12 On January 1, 2017, Ivanhoe Company had a balance of $371,500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year The goodwill had an indefinite ife. During 2017, the company had the following additional transactions. Jan. 2 July 1 Sept. 1 Purchased a patent (5-year life) $334,950 Acquired a 9-year franchise; expiration date July 1, 2,026, $590,400. Research and development costs $184,000. Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISE