On January 1,2017, Crane Company had a balance of $382,000 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 (7-year life) $297,150 July 1 Acquired a 10-year franchise; expiration date July 1,2027,$590,400. Sept. 1 Research and development costs $176,000. 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 O for the amounts.) Date Account Titles and Explanation Debit Credit 297150 1/2/17 Patents Cash 297150 590400 7/1/17 Franchise Cash 590400 9/1/17 $ | | Research and Development Expense 176000 Cash 176000 eTextbook and Media List of Accounts Attempts: 2 of 5 used b) Your answer is partially correct. Make an entry as of December 31,2017, recording any necessary amortization. (Round answers to 0 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 O for the amounts.,) Account Titles and Explanation Debit Credit Amortization Expense Patents Franchise