View Policies Current Attempt in Progress On January 1, 2017, 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 prie year. The goodwill had an indefinite life. During 2017, 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, 2026, 5576,000. Sept. 1 Research and development costs $178,500. (a) and (b) (a) Prepare a tabular summary to record the January 1 balance in the Goodwill account as well as the 2017 transactions related to intangibles. All costs incurred were for cash. (b) Record any necessary amortization as of December 31, 2017 Of a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity placed particular Asset, Liability or Equity item that was reduced.) for parentheses) in front of the amount entered for the - Liabilities + Cash Patents Franchise Goodwill (a) Bal. $ Jan. 2 July 1 Sept. 1 (b) Dec 31 eTextbook and Media Current Attempt in Progress On January 1, 2017. Sandhill Co. had a balance of $411,000 of goodwill on its balance sheet that resulted from the purchase of a small bus year. The goodwill had an indefinite life. During 2017, the company had the following additional transactions Jan. 2 Purchased a patent (7year life) $307,650. July 1 Acquired a 9-year franchise; expiration date July 1, 2026, $576,000. Sept. 1 Research and development costs $178,500. (a) and (b) (a) Prepare a tabular summary to record the January 1 balance in the Goodwill account as well as the 2017 transactions related to intangibles. All costs incurred were for cash. (b) Record any necessary amortization as of December 31, 2017. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Stockholders' Equity Retained Earnings Revenue Expense Common Stock + Dividend Gainon disposal Loss on disposal Amortization expense Research & development expense Depreciation expende e Textbook and Media