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Question 6 of 8 0 . 4 5 1 View Policies Show Attempt History Current Attempt in Progress Crane Ltd . has these transactions related

Question 6 of 8
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Crane Ltd. has these transactions related to intangible assets and goodwill in 2024, its first year of operations:
Jan. 2 Paid for a patent with an estimated useful life of five years for $37,540. The company that sold the patent to Collins registered the patent 10 years ago.
Apr. 1 Acquired another company using cash and recorded goodwill of $293,500 as part of the purchase.
July 1 Acquired a franchise for $228,800 cash. The franchise agreement is renewable without charge and not expected to expire.
Sept. 1 Paid for research costs of $137,100.
30 Paid for development costs of $53,300. A marketable product has been identified and resources have been secured so that production will start next year.
Dec. 31 Recorded annual amortization.
31 Tested the intangible assets for impairment. Fair values exceeded carrying amounts for all intangible assets. Also tested goodwill and determined that it had a fair value of $287,660.
(b)
Show the presentation of the intangible assets and goodwill on the statement of financial position at December 31.
CRANE LTD.
Statement of Financial Position (Partial)
For the Year Ended December 31,2024
Assets
Assets
$
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