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need help solving the blank boxes on part B, thanks! On January 1,2017,Haley Company had a balance of $360,000 of goodwill on its balance sheet
need help solving the blank boxes on part B, thanks!
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 1 Acquired a 9-year franchise; expiration date July 1,202,026, $540,000 Sept. 1 Research and development costs $185,000 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 order dlsplayed in the problem statement. Credit account titles are automatically indented when the amount is entered. Do not indent manually If no e titles and enter O for the amounts Date Account Titles and Explanation Debit Credit (1/2/17 Patents 280,000 Cash 540000 Cash 540000 9/1/17 Research and Development Expense 185,000 Cash 185,000 eTextbook and Media List of Accounts Your answer is partlally correct. Make an entry as of December 31,2017,recording any necessary amortization (Round answers to O decimal places, es. 125. Credit account titles are automatically indented when the amount is entered. Do not Indent manually. lf no entry is required, select "No Entry for the account tit Account Titles and Explanation Debit Credit Amortization ExpenseStep by Step Solution
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