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On January 1, 2017 Sunland Company had a balance of $388.000 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 hed the following additional transactions Purchased a patent (5-year life $360,150 July 1 Acquired a 10-year franchise expiration date July 1, 2027 5576,000 Supt. 1 Research and development costs $178.500 Jan 2 Prepare the necessary entries to record the transactions related to lotarlles. All costs incurred were for cash Record entries In the order displayed in the probleme statement Credit account titles are automatically indented when the amount is entered Do not Indent manual i no entry mured, select "No Entry for the definities and enter for the amounts Date Account Titles and Explanation Debit Credit Make an entry as of December 31, 2017, recording any necessary amortization (Round answers to O decimal places, ed. 125. 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) Account Titles and Explanation Debit Credit Indicate what the intangible asset account balances should be on December 31, 2017 Patent Franchise

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