On January 1, 2025, Sandhill Co. had a balance of $352,800 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 2025, the company had the following additional transactions. Jan. 2 Purchased a patent (5-year life) $274,400. July 1 Sept. 1 Acquired a 9-year franchise; expiration date July 1, 2034, $529,200. Research and development costs $181,300. Prepare the necessary entries to record the transactions related to intangibles. All costs incurred before credit entry. Record entries in the order displayed in the problem statement. Credit account titl the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the accoun Date Account Titles and Explanation Debit for cash. (List debit entry atically indented when enter O for the amounts) Credit Date Account Titles and Explanation Debit Credit eTextbook and Media