(Solved) : January 1 2017 Sunland Company Balance 388 000 Goodwill Balance Sheet Resulted Purchase Sm Q33024921 . . . .

On January 1, 2017, Sunland Company had a balance of $ 388,000of goodwill on its balance sheet that resulted from the purchase ofa small business in a prior year. The goodwill had an indefinitelife. During 2017, the company had the following additionaltransactions.

Jan.2Purchased a patent ( 5-year life) $ 360,150.July1Acquired a 10-year franchise; expiration date July 1, 20 27, $576,000.

Sept 1 Research and development costs $ 178,500.  
   Make an entry as of December 31, 2017, recording anynecessary amortization.

(Round answers to 0 decimal places, e.g. 125. Creditaccount titles are automatically indented when the amount isentered. Do not indent manually. If no entry