On January 1, 2017, Pharoah Company had a balanco of $331,500 of goodwill on its balance shoot that rosulted from the purchaso of a small businoss in a prior yoar. The goodwill had an indofinito life. During 2017, the company had tho fallowing acditional transactions. Jan. July Sopt. 2 1 1 Purchased a patent (5-year life) $282,450. Acquired a 9-year franchise; expiration date July 1, 2026, $547,200. Resoarch and dovgloprment costs $184,500 Your answer is partially correct. Try again. (a) Prpare a tabular surnmary 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 Record any nocossary amortization as of Docomber 31, 2017 (b) (if a transaction causes a decroaso in Assots, Liabilities or Stockholdors' Equity, place a nogative sign (or paronthesos) in front of the amount entered for the particular Asset, Liability or Equity itom that was reduced.) Assets Liabilities + Stockholders' Equity Retained Earnings Cash Patents +Franchise + +Goodwill + Common Stock + ExpenseDividend (a) Bal. Jan. 2 July 1 Sept 1 331500 282450 282450 547200 547200 184500 184500 (b) Dec. 31 LINK TO TEXT DEO! SIMILAR EXERCISE VIDEO: SIMILAR EXERCISE VIDEO: SIMILAR EXERC Your answer is partially correct. Try again. Indicate what the intangible asset account balances should be on December 31, 2017 Patent Franchise 478800 Goodwill