Exercise 9-14 Haley Company, organized in 2014, has these transactions related to intangible 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 1, 2023, $540,000 Sept. 1 Research and development costs $185,000 Your answer is correct Prepare the necessary entries to record these transactions related to intangibles. All costs incurred were for cash. (Record entries in the order displayed in the pro automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 1/2/14 Patents 280000 Cash 280000 4/1/14 Goodwill 360000 Cash 360000 7/1/14 Franchise 540000 Cash 540000 9/1/14 Research and Development 185000 Cash 185000 SHOW LIST OF ACCOUNTS SHOW ANSWER LINK TO TEXT LINK TO VIDEO VIDEO: SKILL-BUILDING VIDEO: SIMILAR