(b) 9/1/22 v Research and Development Expense 183500 Cash eTextbook and Media List of Accounts 183500 Attempts: 1 of 2 used Make an entry as of December 31, 2022, recording any necessary amortization. (Round onswers to O decimal places, eg. 125. 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) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts 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 year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions. Jan. 2 Purchased a patent (5-year life) $351,750. July 1 Acquired a 8-year franchise; expiration date July 1, 2030, $547,200. Sept 1 Research and development costs $183,500. Your answer is correct Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash. (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 1/2/22 Patents Cash 7/1/22 Franchise Cash Debit 351750 547200 9/1/22 Research and Development Expense 183500 Cash Credit 351750 547200 183500 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 year. The goodwill had an indefinite life. During 2022, the company had the following additional transactions. Jan 2 Purchased a patent (5-year life) $351,750 July 1 Acquired a 8-year franchise; expiration date July 1, 2030. $547,200. Sept. 1 Research and development costs $183,500 (a) Your answer is correct Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash. (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 1/2/22 Patents Cash 7/1/22 Franchise Cash Debit Credit 351750 547200 9/1/22 Research and Development Expense 183500 Cash eTextbook and Media 351750 547200 183500