On January 1, 2022, 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 2022. company had the following additional transactions Jan. 2 Purchased a patent (5 year life) $351.750. July 1 Acquired a year franchise expiration date July 1, 2,030, $547,200 Sept. 1 Research and development costs $183,500. 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 problematement Credit accountiles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the accountles and enter for the Credit Date Account Titles and Explanation 1/2/22 Patents 71/22 Franchise 91/22 Make an entry as of December 31, 2022, recording ary necessary amortization (Round answers to decimal places, y. 125. Credit account titles are automatically indented 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 Amortization Expense Patents Franchise e Textbook and Media List of Accounts X Your answer is incorrect Indicate what the intangible asset account balances should be on December 31, 2022 Patent Franchise $