On 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. During 2017, the company had the following additional transactions. Jan. 2 Purchased a patent (5-year life) $284,550. July 1 Acquired a 9-year franchise; expiration date July 1, 2,026, $626,400. Sept. 1 Research and development costs $182,500.Your answer is partially correct. Make an entry as of December 31, 2017, recording any necessary amortization. (Round answers to O decimal places, e.g. 125. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Amortization Expense 130604 Patents 56910 Franchise 73694 eTextbook and Media List of AccountsX Your answer is incorrect. Indicate what the intangible asset account balances should be on December 31, 2017. Patent 0 Franchise $ 0 eTextbook and Media List of Accounts