BACK porting Exercise 9-12 On January 1, 2017, 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 2017, the company had the following additional transactions. Jan. 2 Purchased a patent (7-year life) $313,950. July 1 Acquired a 8-year franchise; expiration date July 1, 2025, $583,200 Sept. 1 Research and development costs $176,500 Your answer is correct. Prepare the necessary entries to record the transactions relatedt Credit account titles are automatically indejited 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.) Study Debit Credit Date Account Titles and Explanation 313950 1/2/17 |Patents 313950 Cash 583200 7/1/17 Franchise 503200 Cash 55 PM Your answer is partially correct. Try again. Make an entry as of December 31, 2017, record ng any necessary amortization Round answers to O decima places,135 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 a for the amounts.) Account Titles and Explanation Debit Credit Amortization Expense 117750 Patents 44850 72900 Franchise SHOW LIST OF ACCOUNTS VIDEO: SIMILAR EXERCISE VIDEOI APPLIED SKILLS LINK TO TEX Your answer is partially correct. Try again. 655 PM tannihle asset account balances should be on December 31, 2017 Your answer is partially correct. Try again. Indicate what the intangible asset account balances should be on December 31, 2017. Patent 269100 Franchise 510300 Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT VIDEO: APPLIED SKILLS VIDEO: SIMILAR EXERCISE