On January 1, 2022, 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 2022, 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, 2,031, $540,000. Sept. 1 Research and development costs $185,000. (a) Your answer is correct. Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash (Recond entrios in the order displayed in the problem statement. Credit account titles are dutomatically indented when the amount is entrred. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter ofor the amounts) Make an entry as of December 31,2022 , recording any necessary amortization. (Round answers to 0 decimol places, eg 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.) Indicate what the intangible asset account balances should be on December 31,2022. Goodwill Patent Franchise