n January 1, 2017, Blossom Company had a balance of $388,000 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. Durir $17, the company had the following additional transactions. an. 2 uly 1 ept. 1 Purchased a patent (5-year life) $284,550. Acquired a 9-year franchise; expiration date July 1, 2026, $626,400. Research and development costs $182,500. a) Prepare a tabular summary to record the January 1 balance in the Goodwill account as well as the 2017 transactions related to intangibles. All costs incurred were for cash. b) Record any necessary amortization as of December 31, 2017. If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or quity item that was reduced.) Assets = Liabilities + Stockholders' Equity Retained Earnings Revenue - Expense - Cash + Patents + Franchise + Goodwill = + Common Stock + Dividend a) Bal. $ $ $ Jan. 2 July 1 Sept. 1 b) Dec. 31 Indicate what the intangible asset account balances should be on December 31, 2017. Patent Franchise Goodwill