intangible assets. 1/2/17 Purchased patent (7-year life) $560,000 4/1/17 7/1/17 11/1/17 Goodwill purchased (indefinite life) 8-year franchise; expiration date 7/1/2025 Research and development costs incurred prior to technological feasibility 360,000 440,000 448,000 0 Instructions 12 Prepare the necessary entries to record these intangibles. All costs incurred were for cash_ 13 Make the adjusting entries as of December 31, 2017, recording any necessary amortization 14 and reflecting all balances accurately as of that date. 15