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On January 1, 2017. Cullumber Compary had a balance of $386,500 of goodwill on its balance sheet that resulted from the purchase of a small

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On January 1, 2017. Cullumber Compary had a balance of $386,500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior vear. The goodwill had an indefinite life. During 2017 , the company had the following additional transactions. Jan: 2 Purchased a patent (6-year life) $362.250. July 1 Acquired a 9:vear franchise; expiration date July 1,2.026, $554,400. Sept. 1 Researchanddevelopment costs $185,500. Prepare the necessary entries to record the transactions related to intaneibles. All costs incurred were for cash. (Record entries in the order displayed in the problem stotement. Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter on for the amorinte

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