Prepare the necessary entries to record the transactions

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Reference no: EM131830542

Question: 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 business in a prior year. The goodwill had an indefinite life. During 2017, 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, 2026, $540,000.

Sept. 1 Research and development costs $185,000.

Instructions: (a) Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash.

(b) Make the entries as of December 31, 2017, recording any necessary amortization.

Reference no: EM131830542

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