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 Acquired a 9-year franchise; expiration date July 1, 2034, $529,200. Sept. 1 Research and development costs $181,300.