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IE View Policies Show Attempt History Current Attempt in Progress On January 1, 2022. Haley...

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Accounting

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IE View Policies Show Attempt History Current Attempt in Progress On January 1, 2022. 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 2022, the company had the following additional transactions Jan. 2 July 1 Purchased a patent (5-year life) $280,000 Acquired a 9-year franchise; expiration date July 1, 2.031. 5540.000 Research and development costs $185.000 Sept. 1 (a) Your answer is correct. Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cast(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 for the amounts) c) X Your answer is incorrect. Indicate what the intangible asset account balances should be on December 31, 2022. . Goodwill $ 36000 Patent $ 156000 Franchise $ 30000 eTextbook and Media List of Accounts Attempts: 1 of 3 used

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