* Exercise 9-16 (Part Level Submission) Vaughn Company, organized in 2017, has the following transactions related to intangible assets. 1/2/17 Purchased patent (5-year life) 359,550 4/1/17 Goodwill purchased (indefinite life) 335,220 7/1/17 13-year franchise; expiration date 7/1/2030 531,180 11/1/17 Development costs incurred prior to technological feasibility 235,610 *(a) Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2017, recording any necessary amortization. (Record entries in the order displayed in the problem statement. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answer to o decimal places, e.g. 125.) Date Account Titles and Explanation Debit Credit Attempts: 0 of 3 used