On January 1, 2017, 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 2017, the company had the following additional transactions. Jan. 2 Purchased a patent (5 year life) $ 351,750. Acquired a 3-year franchise: expiration date July 1 2.025. $ 547,200. July 1 Sept 1 Research and development costs $183,500, 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 for the amounts.) Date Account Titles and Explanation Debit Credit 1/2/17 V Patents 351750 Cash 3517 7/1/17 Franchise 547200 Cash 5472 9/1/17 Research and Development Expense 183500 Cash 18354 Textbook and Media Make an entry as of December 31, 2017, recording any necessary amortization. (Round answers to 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 for the amounts.) Account Titles and Explanation Debit Credit e Textbook and Media Indicate what the intangible asset account balances should be on December 31, 2017 Patent $ Franchise $ e Textbook and Media Attempts:O of 1 used Sulumit Answer Save for Latur Last saved 1 hour ago Saved work will be auto-submitted on the duc date. Auto- submission can take up to 10 minutes