On January 1,2017, Cullumber Company had a balance of $359,500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year. The goodwill had anindefinite life. During 2017, the company had the following additional transactions Jan. 2 Purchased a patent (7-year life) $313,950 July 1 Acquired a 8 year franchise; expiration date July 1,2,025, $583,200. Sept. 1 Research and development costs $176.500 Prepare the necessary entries to record the transactions related to intangibles, All costs incurred were for cash. (Record entries in the order displayed in the problem statement. Credit account tities are automatically indented when the amount is entered. De not indent manuelly. If no entry is required, select "No Entry"for the eccount titles and enter 0 for the amounts Date Account Titles and Explanation Debit Credit eTextbook and Media Make an entry as of December 31, 2017, recording any necessary amortization. (Round answers to O decimal places, e 125. Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Indicate what the intangible asset account balances should be on December 31, 2017 Patent Franchise eTextbook and Media