Exercise 9-15 On January 1, 2022, Sandhill Co. had a balance of $411,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions. Jan. 2 July 1 Sept. 1 Purchased a patent (7-year life) $307,650. Acquired a 9-year franchise; expiration date July 1, 2,031, $576,000. Research and development costs $178,500. Your answer is partially correct. Try again. 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 o for the amounts.) Date Account Titles and Explanation Debit Credit 1/2/22 | Goodwill 411000 Cash 411000 XE Patents 3076507 307650 Cash 307650 Research and Development Expense 178500 | Cash 178500 SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Your answer is partially correct. Try again. Make an entry as of December 31, 2022, recording any necessary amortization. (Round answers to 0 decimal places, e.g. 125. Credit account titles are automatically indented when the amount is entered. Do not in select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Amortization Expense con Expense 75950 Franchise Patents SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO VIDEO Your answer is correct. Indicate what the intangible asset account balances should be on December 31, 2022. Patent T 263700 Franchise 544000 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT LINK TO VIDEO