View Policies Show Attempt History Current Attempt in Progress On January 1, 2022, 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 an indefinite life. During 2022, the company had the following additional transactions. Jan. 2 Purchased a patent (6-year life) $324,450. July 1 Acquired a 8-year franchise; expiration date July 1, 2,030,$612,000. Sept. 1 Research and development costs $184,000.