tudy Practice Assignment Gradebook ORION Downloadable eTextbook pen Assignment CALCULATOR FULL SCREEN PRINTER VERSION RACK NEXT ESOURCES ets Practice Exercise 2 on January 1, 2017, Crane Company had a balance of $386,000 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 potent (7-year) $318,150 July 1 Acquired a year franchise, expiration date July 1, 2,026, 5633,600, Sept. 1 Research and development costs $182,500. by Study Prepare the necessary entries to record the transactions related to intangibles. All costs incurred were for cash. (Record entries in the ander 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 "Me Entry for the account tities and enter for the amounts.) Date Account Titles and Explanation Debit Credit + LIST OF ACCOUNT ANSWER 020 Practice Assignment Gradebook ORION Downloadable eTextbook signment CALCULATOR FULL SCREEN PRINTER VERSION TRACK CES Make an entry as of December 31, 2017, recording any necessary amortization (Round answers to decimal places, e.g. 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 for the amounts.) Account Tities and Explanation Debit Credit dy HOW LIST OF ACCOUNTS SHOW SOLUTION SHOW ANSWER LINK TO TEXT Indicate what the intangible asset account balances should be on December 31, 2017 Patent Franchise Click If you would like to show Work for this questioni Open Show Work SHOW LIST OF ACCOUNTS SHOW SOLUTION SHOW