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a https://edugen.wileyplus.com/edugen/student/mainfr.uni CALCULATOR FULL SCREEN PRINTER VERSION BACK NEXT Exercise 9-12 On January 1, 2017, Haley Company had a balance of $360,000 of goodwill on its balance sheet that resulted from the purchase of a small businessin a prior year. The goodwil had an indefinite life. During 2017, the company had the following additional transactions. Jan. 2 July 1 Sept. 1 Purchased a patent (5-year life) $280,000. Acquired a 9-year franchise; expiration date July 1, 202,026, $540,000. Research and development costs $185,000. Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash. (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 o for the amounts.) Date Account Titles and Explanation Debit Credit

Explanation / Answer

Journal Entries: Date Accounts title and explanantions Debit $ Ccredit $ 2-Jan Patents Rights Account Dr. 280000     cash Account 280000 1-Jul Franchise rights Dr. 540,000      Cash Account 540,000 1-Sep Research and Development expenditure Dr. 185000        Cash Account 185000

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