Crane Co., organized in 2016, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2017 and 2018. Intangible Assets 7/1/17 8-year franchise; expiration date 6/30/25 $57,600 10/1/17 Advance payment on laboratory space (2-year lease) 25,200 12/31/17 Net loss for 2017 including state incorporation fee, $2,500, and related legal fees of organizing, $6,500 (all fees incurred in 2017) 15,800 1/2/18 Patent purchased (10-year life) 80,800 3/1/18 Cost of developing a secret formula (indefinite life) 73,000 4/1/18 Goodwill purchased (indefinite life) 276,800 6/1/18 Legal fee for successful defense of patent purchased above 12,880 9/1/18 Research and development costs 157,000 Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2018, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round all answers to 0 decimal places, e.g. 8,564. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer (To clear the Intangible Assets) Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer (To record current amount for Franchises) Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with correct answer (To record current amount for Rents) Entry field with correct answer Entry field with incorrect answer Entry field with correct answer Entry field with correct answer Entry field with correct answer Entry field with incorrect answer (To record current amount for Patents) Reflecting all balances accurately as of that date. (Ignore income tax effects.) Entry field with correct answer $Entry field with incorrect answer Entry field with correct answer $Entry field with incorrect answer Entry field with correct answer $Entry field with incorrect answer Entry field with correct answer $Entry field with incorrect answer