How to Amitorize a 15-yr Francise puchased on 7/1/17 for $600,000. (expires 7/1/2032)

ercise 9-13 (Part Level Submission) l Company, organized in 2017, has the following transactions related to intan 2/17 1/17 1/17 Purchased patent (7-year life) Goodwill purchased (indefinite life) 15-year franchise; expiration date 7/1/2032 Research and development costs $490,000 360,000 600,000 192,000 17 (al) Your answer is partially correct. Try again. pare the necessary entries to record these intangibles. All costs incurred were en amount is entered. Do not indent manually. Record journal entrie Date Account Titles and Explanation Debit 217Patents 490000 Cash SLLE IGoodwill Cash 360000 Franchises 600000 Cash Research and Developm 192000 Cash L7 Amortization Expense 135000 Patents Franchises