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(c) Indicate what the intangible asset account balances should be on December 31, 2022. Goodwill $ Patent $ Franchise $ b) Your answer is correct. Make an entry as of December 31, 2022, recording any necessary amortization (Round answers to decimal places, eg. 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 Amortization Expense 89820 Patents 56070 Franchise 33750 e Textbook and Media a) Your answer is correct. 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 Ofor the amounts) Date Account Titles and Explanation Debit Credit 1/2/22 Patents 280350 Cash 280350 7/1/22 Franchise 540000 Cash 540000 9/1/22 Research and Development Expense 175000 175000 Current Attempt in Progress On January 1, 2022, Blossom Company had a balance of $320,000 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) $280,350 Acquired a 8-year franchise; expiration date July 1, 2,030, $540,000. Research and development costs $175.000. Sept. 1 (a)

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