Crane Ltd. has these transactions related to intangible assets and goodwill in 2021, its first year of operations:

Jan. 2		Paid for a patent with an estimated useful life of five years for $37,540. The company that sold the patent to Collins registered the patent 10 years ago.
Apr. 1		Acquired another company using cash and recorded goodwill of $293,500 as part of the purchase.
July 1		Acquired a franchise for $228,800 cash. The franchise agreement is renewable without charge and not expected to expire.
Sept. 1		Paid for research costs of $137,100.
30		Paid for development costs of $53,300. A marketable product has been identified and resources have been secured so that production will start next year.
Dec. 31		Recorded annual amortization.
31		Tested the intangible assets for impairment. Fair values exceeded carrying amounts for all intangible assets. Also tested goodwill and determined that it had a fair value of $287,660. Prepare the journal entries to record the above transactions. Assume all costs incurred during January through September were incurred for cash. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.)

Show the presentation of the intangible assets and goodwill on the statement of financial position at December 31.

CRANE LTD. Statement of Financial Position (Partial) choose the accounting period For the Month Ended December 31, 2021For the Year Ended December 31, 2021December 31, 2021
Assets
select an opening section name Total Intangible AssetsLong-Term InvestmentsIntangible AssetsTotal Property, Plant and EquipmentTotal Shareholders' EquityTotal LiabilitiesTotal AssetsTotal Liabilities and Shareholders' EquityLong-Term LiabilitiesShareholders' EquityTotal Current AssetsTotal Long-Term InvestmentsProperty, Plant and EquipmentCurrent AssetsTotal Long-Term LiabilitiesTotal Current LiabilitiesCurrent Liabilities
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select between addition and deduction AddLess:enter an account title			enter a dollar amount		$enter a total of the two previous amounts
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select a closing section name Long-Term LiabilitiesTotal Intangible AssetsTotal Current LiabilitiesTotal Current AssetsShareholders' EquityIntangible AssetsTotal Long-Term LiabilitiesCurrent LiabilitiesTotal Shareholders' EquityProperty, Plant and EquipmentTotal Long-Term InvestmentsTotal AssetsTotal Property, Plant and EquipmentLong-Term InvestmentsCurrent AssetsTotal LiabilitiesTotal Liabilities and Shareholders' Equity					enter a total amount for this section
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