4. Crane Company, organized in 2017, has these transactions related to intangible assets in that year: Jan. 2 Patent bought that had an estimated useful life of 5-years for $325,000 Apr. 1 Goodwill was purchased as part of the acquisition of another company. It has an indefinite life and cost $360,000. July 1 Purchased a franchise that will last 9 years for $720,000. Sept. 1 Incurred research & development costs $185,000. Instructions (a) Prepare the necessary entries to record these intangibles. All were obtained by paying cash. (b) Make the entries as of December 31, 2017, recording any necessary amortization. (Hint: credit the intangible asset account) (c) What are the ending balances in 2017 for the three intangibles