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On January 1,2022, Crane Company had a balance of $372,500 of goodwill on its balance...

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Accounting

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On January 1,2022, Crane Company had a balance of $372,500 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior vear. The goodwitl had an indefinite life. During 2022, the company had the following additional transactions: Jan. 2 Purchased a patent (5-year life) $351,750. tuly 1 Accuired a 8-year franchise; expiration date July 1,2030,$547,200. Sept. 1 Research and development costs $183,500. Make an entry as of December 31,2022, recording any necessary amortization. (Round onswers to 0 decimal places, eg. 125. Credit account titles are outomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter 0 for the amounts.)

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