On January 1,2025, Crane Company had a balance of $453,600 of goodwill on its balance sheet that resulted from the purchase small business in a prior year. The good will had an indefinite life. During 2025, the company had the following additional transactic Jan. 2 Purchased a patent (5-year life) $352,800. July 1 Acquired a 9-year franchise; expiration date July 1,2034,$680,400. Sept. 1 Research and development costs $233,100. epare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash. (List debit entr fore credit entry. Record entries in the order displayed in the problem statement. Credit account titles are Itomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" f e account titles and enter 0 for the amounts.) Make an entry as of December 31, 2025, recording any necessary amortization. (List on Round answers to 0 decimal places, es. 125. Credit account titles are aulomaticafly indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter of for the amounts.) Indicate what the intangible asset account balances should be on December 31,2025 . Goodwill Patents Franchise On January 1,2025, Crane Company had a balance of $453,600 of goodwill on its balance sheet that resulted from the purchase small business in a prior year. The good will had an indefinite life. During 2025, the company had the following additional transactic Jan. 2 Purchased a patent (5-year life) $352,800. July 1 Acquired a 9-year franchise; expiration date July 1,2034,$680,400. Sept. 1 Research and development costs $233,100. epare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash. (List debit entr fore credit entry. Record entries in the order displayed in the problem statement. Credit account titles are Itomatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" f e account titles and enter 0 for the amounts.) Make an entry as of December 31, 2025, recording any necessary amortization. (List on Round answers to 0 decimal places, es. 125. Credit account titles are aulomaticafly indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter of for the amounts.) Indicate what the intangible asset account balances should be on December 31,2025 . Goodwill Patents Franchise
