m/courses/15124/assignments/2060852 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 smal prior year. The goodwill had an indefinite life. Duri Jan 2 Purchased a patent (5-year life) $280,000. Sept. 1 Research and development costs $185,000. ing 2017, the company had the following additional transactions July 1 Acquired a 9-year franchise; expiration date July 1, 202,026, $540,000. Your answer is correct Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash (Record entries in the onder disp in the problem statement Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, s No Entry for the account titles and enter O for the amounts) Date Account Titles and Explanation Debit Credit 1/2/17Patents 280000 7/173| | Franchise 1/17 Research and Development Expense 185000 20 5 6 7 8 ourses/15124/assignments/2060852 Atte Your answer is correct. Make an entry as of December 31,2017, recording any necessary amortization. (Round answers to O decimal places,eg.125. Credit acc automatically indented when the amount is entered. Do not indent manually.If no entry is required, select "No Entry' for the account titles ans Account Titles and Explanation Debit Credit Amortization Expense 86000 Patents Franchise 30000 eTextbook and Media Solution List of Accounts Attempts: 898 11F ileyplus.com/courses/15124/assignments/2060852 Franchise eTextbook and Media Solution List of Accounts Indicate what the intangible asset account balances should be on December 31, 2017 Patent Franchise Attempts: 0 of 1 used Save for Late . Previous 5 7 8