Question: On January 1 , 2 0 2 5 , Haley Company had a balance of $ 3 6 0 , 0 0 0 of goodwill

On January 1,2025, Haley Company had a balance of $360,000 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 2025, the company had the following additional transactions.
Jan. 2 Purchased a patent (5-year life) $280,000.
July 1 Acquired a 9-year franchise; expiration date July 1,2034, $540,000.
Sept. 1 Research and development costs $185,000.
On January 1 , 2 0 2 5 , Haley Company had a

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