Exercise 9-12 (Part Level Submission) 1. 2017, onlumber company had a balance ot s33 500 of oodelons bla sheet thst resuted fothe perchase of a snal buanessin that resulted from the parchase of a small business in a priar year. The goodwill had an indefinite life. During 2017, the company had the following additional transactions. Jan. 2 Purchased a patent (7-year life) $313,950 July 1 Acquired a B-year franchise; expiration date July 1, 2025, $583,200. Sept. 1 Research and development costs $176,500, Prepare the necessary entries to record the transactions related to intangibies. AIl costs incurred were for cash. (Record entries in the order dlisplayed In the problem statement Cred account titles are automatically indented when the amount is entered. De not indent manually. If ne entry is required, select "No B Debit