txercise 9-12 On lanuary 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 Acquired a 10 woar tranchise; expiration datc July 1, 2,027, $590,400. Sept 1 Rescorch 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 0 for the amounts.) Date Account Titles and Explanation Debit Credit 297150 Coch 2971 590400 and Dewalopment ExpensO 176000 SHOW LIST OP ACCOUNTS SHOW ANSWER LINK TO TEXT Your answer is partially correct. Try again. Make an entry as of December 31, 2017, recording any necessary amortization. (Round answers to 0 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 tities and enter O for the amounts. Account Titles and Explanation Debit Credit Expense SHOW LIST OF ACCOUNTS LINK TO TEXT