Current Attempt in Progress
On January 1, 2017, Cullumber Company had a balance of $386,500 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 2017, the company had the following additional
transactions.
Jan. 2 Purchased a patent (6-year life) $362,250.
July 1 Acquired a 9-year franchise; expiration date July 1, 2026, $554,400.
Sept. 1 Research and development costs $185,500.
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.)