Exercise 9-15 On January 1, 2022. Pharoah Company had a balance of $395,500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The good ned and life. During 2022, the company had the following additional transactions an 2 Purchased a patent [7-year life) $351,750. July 1 Acquired a 10-year franchise; expiration date Suly 1, 2,032. $604,800. Sept. 1 Research and development costs $177,000 Prepare the necessary entries to record the transactions related to intangibles. Al corred were forca (Record entries in the order displayed in the problemattomat account titles are automatically indented when the amount is entered. Do not indent manually. If ne entry is required lect "We try for the accounts and entert Date Account ties and Explanation Credit 1/2/22 Pants Debit 351710 351750 7/12 Franchise 604800 Casa 604500 122 Research and Development Expense 177000 Cash 277000 Your answer is partially correct. Try again Have an entry as of December 31, 2023, recording any necessary amortization (Round answers to decimal places. 125. Credit account titles are automatically indented the amount is entered. Do not indent manually. If no entry is required, select "Mentry for the account titles and enter for the amounts.) Account Tiles and Explanation Debt Credit Amortization Espen 50250 63569 Franchise Your answer is incorrect. Try again. Indicate what the intangible asset account balances should be on December 31, 2022. Goodwill Patent Franchise SHOW LIST OF ACCOUNTS LINK TO TEXT