On January 1, 2025. Sheridan Company had a balance of $331,200 of goodwill on its balance sheet that resulted from the purchase of asmall business in a pelor year. The soodwill had an indefinite life. During 2025 , the company had the following additional transactions. Jan. 2 Purchased a patent (5year life) $257,600 July 1 Acquired a 9-year franchise; expiration date July 1, 2034, $496,800. Sept. 1 Research and development costs $170,200. Your answer is correct. Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash. (List debit entry before credit entry. Record entries in the order displayed in the problem statement. Credit occount tities are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select " No Entry" for the occount titles and enter of for the amounts.] Prepare the necessary entries to record the transactions related to intangibles. Al costsincurrod were for cish. Il ist debif entry before credit entr. Record entries in the opder displayed in the probiem statement. Credit account litles are dufomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry' far the dccount titles and enter 0 for the amaunts.) Make an entry as of December 31,2025 , recording ary necessary arnortization (tist all debit entries befare credit entries. Round answers to 0 decimel places, ey, 125. Credit account titles are autamatically indented when the amount is entered. Do not indent maniwally. If no entry is required; select "No Entry for the account tities and enter of for the amounts Indicate what the intangible asset account balances should be on December 31,2025