Exercise 9-12 (Part Level Submission) 2017, Crane Company had a balance of $386 of goodwill on its balance sheet that resulted from the purchase of a small business in a prior On January 1, year. The goodwill had an indefinite life. During 2017, the company had the following additional transactions. Jan. 2 Purchased a patent (7-year life) $318,150 July 1 Acquired a 9-year franchise; expiration date July 1, 2,026, $633,600. Sept. 1 Research and development costs $182,500