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On January 1, 2025, Crane Company had a balance of $374,400 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 2025, the company had the following additional transactions. Jan. 2 Purchased a patent (5-year life) $291,200. Acquired a 9-year franchise; expiration date July 1, 2034, $561,600. Research and development costs $192,400. 1 July Sept. 1 Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash. (List debit entry before credit entry. 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 O for the amounts.) Date Account Titles and Explanation Debit Credit

On January 1, 2025, Crane Company had a balance of $374,400 of goodwill on its balance sheet that resuited from the purchase of a small business in a prior year. The goodwill had an indefinite life. During 2025, the company had the following additional transactions. Jan. 2 Purchased a patent (5-year life) $291,200. July 1 Acquired a 9-year franchise; expiration date July 1, 2034, $561,600. Sept 1. Researchand development costs $192,400. Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cashy (List debit entry before credit entry. Record entries in the order displayed in the problem statement. Credit occount tities are automptically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry' for the account tities and enter Ofor the amounts.)

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