RCES Exercise 9-12 On January 1, 2017, Haley Company had a balance of $360,000 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 2017, the company had the following additional transactions Jan. 2 Purchased a patent (5-year life) $280,000 uly 1 Acquired a 9-year franchise; expiration date July 1, 202,026, $540,000 Sept. 1 Research and development costs $185,000 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 titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) udy Date Account Titles and Explanatien Debit Credit Make an entry as of December 31, 2017, recording any necessary amortization. (Round answers to o decimal places, e.g. 125. Credit account titles are automatically 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.) ecoust Tilles and Explat Indicate what the intangible asset account balances should be on December 31, 2017. Patent Franchise Click if you would like to Show Work for this question: Opn Show Werk