Crane Corporation owns a patent that has a carrying amount of $612,000. Crane expects future net cash flows from this patent to total $382,500. The fair value of the patent is $474,300. Prepare the journal entry, if necessary, to record the loss on impairment. (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. List debit entry before credit entry) Account Titles and Explanation Debit Credit

Gane Corporation owns a patent that has a carrying amount of $612,000. Crane expects future net cash flows from this patent to total $382500. The fair value of the potent is $474,300. Prepare the journat entry. If necessary, to record the loss on impairment. (Credit account bitles are automatically indented when the omount is enterad. Do not indent inanialix. N no entry is required, select Wo Enty Y for the accaint tides and enter Ofor the omounts. Ust deblt entrybefore credit entry)