Presented below is selected information for Crane Company. Answer the questions asked about each of the situations. (Do not ledve any answer fieid blank Enter O for amounts.) 1. Crane purchased a patent from Vania Co. for \$3,295,000 on danuary 1, 2023. The patent is being amortized over its remaining legal If of 10 years, expiring on January 1.2033. During 2025, Crane determined that the economic benefts of the patent would not last longer than 7 years trom the date of acquisition. What amount should be reported in the balance sheet for the patent, net of accumulated amortization, at December 31,2025? The amount to be reported \$ 2. Crane bought a franchise from Alexander Co, on January 2. 2024, for 3877,000 . The carrying amount of the franchise on Alexander's books on January 1.2024, was $575,000. The franchise agreement had an estimated useful hife of 20 years. Because Crane must enter a competitive bideing at the end of 2033, it is unilikely that the franchise will be retained beyond 2033. What amount should be amortized for the year ended December 31. 2025? The amount to be amortized $ 3. On January 1, 2025, Crane incurred organization costs of 5529,000 . What amount of organization expense should be reported in 2025 ? The amount to be reported 4. Crane purchased the license for distributien of a popular consumer product on January 1. 2025, for 5428,000. It is expected that this product will generate cash flows for an indefinite period of time. The license has an initial term of 5 years but by paying a neminal fee. Crane can renew the license indefinitely for successive 5 -year terma. What amount ahould be amertized for the year ended Desember 31, 20257 The amount to be amortized 1 Sextbook and Media