On January 1, 2022, Crane Company had a balance of $382.000 af 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 2022, the company had the following additional transactions Jan July Sept. 2 1 1 Purchased a patent 17-year life) $297,150. Acquired a 10-year franchise; expiration date July 1, 2,032, 5590,400. Research and development costs $176,000. (a) Your answer is correct. 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 Credit Account Titles and Explanation Patents Debit 297150 1/2/22 Cash 2971 7/1/22 Franchise 590400 Cash 5904 9/1/22 V Research and Development Expense 176000 Cash 1760 elextbook and Media List of Accounts Assistance Used Attempts: 4 of 5 used (b) Your answer is correct Make an entry as of December 31, 2022, 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.) Debit Credit Account Titles and Explanation Amortization Expense 71970 Patents 42450 Franchise eTextbook and Media List of Accounts Attempts: 1 of 5 used (c) Indicate what the intangible asset account balances should be on December 31, 2022 Goodwill $ Patent $ Franchise $