Question 5 of 6 7.86/20 Current Attempt in Progress On January 1, 2022, Sandhill Co. had a balance of $411,000 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 (7-year life) $307,650. July 1 Acquired a 9-year franchise; expiration date July 1, 2031, $576,000. Sept 1 Research and development costs $178,500. (a) and (b). (a) Your answer is partially correct. Prepare a tabular summary to record the January 1 balance in the Goodwill account as well as the 2022 transactions related to intangibles. All costs incurred were for cash. (b) Record any necessary amortization as of December 31, 2022.