Question 9-12

Exercise 9-12 On January 1, 2017, Blossom Company had a balance of $388,000 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior year goodwill had an indefinite life. During 2017, the company had the following additional transactions. Jan. 2 Purchased a patent (5-year life) $284,550. Duly 1 Acquired a 9-year franchise; expiration date July 1, 2,026, $626,400. Sept. 1 Research and development costs $182,500. Prepare the necessary entries to record the transactions related to intangibles. A "No Entry" for the account titles and enter O for the amounts.) l osts ncurred were for cash. (Record entries in the order displayed in the are automatically indented when the amount is entered. Do not indent manually. If no entry is req uired, sele NK TO TEXT