NWAL ACC121 M5C10HOMEWORK Question 6 of 7 < > View Policies Show Attempt History Current Attempt in Progress Sarasota Company, organized in 2020, has the following transactions related to intangible assets. 1/2/22 Purchased patent (5-year life) $440,000 4/1/22 Purchased a small compaly and as a result recorded goodwill. (indefinite life) 360,000 7/1/22 Acquired 10-year franchise; expiration date 7/1/2032 320.000 9/1/22 Incurred research and development costs 179.000 (a1) Your answer is correct. 5/10 Prepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of E Question 6 of 7 5/10 1 presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Date Account Titles and Explanation 1/2/22 Ch 4/1/22 Goodwill Cali Debit Credit 440000 20000 120000 120000 7/1/22 Francis Call W1/32 neachant De Expe 179000 Cass 12/31/22 000 Patents 0000 1000 Question 6 of 7 *Your answer is incorrect. Calculate ending balances as at 12/31/22 Patents Ending balances $ 88000 Goodwill Franchises $ 16000 Research and Development Expense $ 104000 eTextbook and Media List of Accounts Save for Later 5/10 E E Attempts: 1 of 2 used Submit