Exercise 9-10 a-b (Part Level Submission) Cullumber Lod. has these transactions related to intangible assets and goodwill in 2018, its first year of operations: Jan. 2 Purchased a patent with an estimated useful life of five years for $43,180. The company that sold the patent to Collins registered the patent 10 years ago. Apr. 1 Acquired anather company and recorded goodwill of $296,300 as part of the purchase July 1 Acquired a franchise for $242,300. The franchise agreement is renewable without charge and not expected to expire. Sept. 1 incurred research costs of $155,500. 30 Incurred development costs of $49,100. A marketable product has been identified and resources have been secured so that production will start next year. Dec. 31 Recorded annual amortization. 31 Tested the intangible assets for impairment. Recoverable amounts exceeded carrying amounts for all intangible assets. Also tested goodwill and determined that it had a recoverable amount or $283,800. your answer is correct. Prepare the entries to record the above transactions. Assume all costs incurred during January through Seatember were incurred for cash. (Credit account ttles are automatically Indented when the amount is entered. Do not Indent manually. Round answers to o decimal places, c.g. 5,275. Record fournal entries in the order presented in the problem.) Account Titles and Explanation Delit Credit Date Jan, 2 Patents 43160 Cash 43180 April 1 . Goodwill 296300 Cash 296300 July 1 | Franchises Cash 242300 || 242300 155500 Sept. 1 Research Expenses Cash 155500 Sept. 30 Development Costs 49100 Cash 49100 Dec 31 | Amortization Expanse 8636 86361 Accumulated Amortization - Pater (To record amortization expense) Dec 31 limpairment Loss 12500 1250D Goodwill To record goodwill impairment) (b) Show the presentation of the intangible assets and goodwill on the statement of financial position at December 31. CULLUMBER LTD. Statement of Financial Position (Partial) Assets $ $