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Financial Accounting help!!! Thanks!! Exercise 9-12 On January 1, 2017, Haley Company had a balance of $360,000 of goodwill on its balance sheet that resulted
Financial Accounting help!!! Thanks!!
Exercise 9-12 On January 1, 2017, Haley Company had a balance of $360,000 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 2017, the company had the following additional transactions. Jan. 2 Purchased a patent (5-year life) $280,000 July Acquired a 9-year franchise; expiration date July 1, 202,026, $540,000 Sept. 1 Research and development costs $185,000. 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 SHOW LIST OF ACCOUNTS LINK TO TEXT Make an entry as of December 31, 2017, recording any necessary amortization. (Round anwers to 0 decimal places, e.g. 125. 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 0 for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT Indicate what the intangible asset account balances should be on December 31, 2017 Patent FranchiseStep by Step Solution
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