Question 8 View Policies Current Attempt in Progress ort Blossom Ltd. has these transactions related to intangible assets and goodwill in 2018, its first year of operations: Purchased a patent with an estimated useful life of five years for $38,680. The company that sold the patent to Collins registered the Jan. 2 patent 10 years ago. Apr. 1 Acquired another company and recorded goodwill of $295,400 as part of the purchase. July 1 Acquired a franchise for $272,800. The franchise agreement is renewable without charge and not expected to expire. Sept. 1 Incurred research costs of $161,700. Incurred development costs of $50,800. A marketable product has been identified and resources have been secured so that production 30 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 of $288,000. Prepare the entries to record the above transactions. Assume all costs incurred during January through September were incurred for cash. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to O decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)