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On January 1, 2022, Cullumber Company had a balance of $386,500 of goodwill on its...

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Accounting

On January 1, 2022, Cullumber Company had a balance of $386,500 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 Purchased a patent (6-year life) $362,250. Acquired a 9-year franchise; expiration date July 1, 2,031, $554,400. July 1 Sept. 1 Research and development costs $185,500.
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On January 1, 2022, Cullumber Company had a balance of $386,500 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 additionat transactions. Jan. 2 Purchased a patent (6-year life) $362.250. ruly 1 Acquired a 9-year franchise: expiration date July 1, 2,031, $554,400. Sept. 1 Research and development costs $185,500

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