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  3. on january 1.2017, cullumber company had a balance

On January 1.2017, Cullumber Company had a balance of 5386,500 of goodwill on its balance...

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On January 1.2017, Cullumber Company had a balance of 5386,500 of goodwill on its balance sheet that resulted from the purchase transictions. Jan 2 Purchaseda patent (6-year life) $362,250. Sept 1 Researchand dowelopment costs $185,500. Prepare thenecessary entries to record the transactions related to intangibles, All costs incurred were for cash. (Record entries in the arder displaved in the problem statement. Credit account titles are automotically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts.) Make an entry as of December 31, 2017, recording any necessary amortization. (Round answers to 0 decimal ploces, ey, 125. Credit account titles are automaticaliv indented when the amount is entered. Do not indent manualih. If no entry is requined, select "No Entry' for the account tities and enter ofor the amounts. Indicate what the intangible asset account balances should be on December 31, 2017

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