View Policies Show Attempt History Current Attempt in Progress On January 1, 2025, Sandhill Co had...

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View Policies Show Attempt History Current Attempt in Progress On January 1, 2025, Sandhill Co had a balance of $352,800 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 July Purchased a patent (5-year life) $274,400 1. Acquired a 9-year franchise expiration date July 1, 2034, $529.200 Sept $ Research and development costs $181.300 (a) Your answer is correct Prepare the necessary entries to record the transactions related to intangibles All costs incurred were for cash. List debit entry before credit entry 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 Ofor the amount) Date: Account Titles and Explanation: P Cal Debit 274400 Credit 21440 Jay 1 w Francise 329200 Cad 12920 Sept 1 Research and Development Expens 181300 (c) Indicate what the intangible asset account balances should be on December 31, 2025 Goodwill $ Patents $ Franchise View Policies Show Attempt History Current Attempt in Progress On January 1, 2025, Sandhill Co had a balance of $352,800 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 July Purchased a patent (5-year life) $274,400 1. Acquired a 9-year franchise expiration date July 1, 2034, $529.200 Sept $ Research and development costs $181.300 (a) Your answer is correct Prepare the necessary entries to record the transactions related to intangibles All costs incurred were for cash. List debit entry before credit entry 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 Ofor the amount) Date: Account Titles and Explanation: P Cal Debit 274400 Credit 21440 Jay 1 w Francise 329200 Cad 12920 Sept 1 Research and Development Expens 181300 (c) Indicate what the intangible asset account balances should be on December 31, 2025 Goodwill $ Patents $ Franchise