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On January 1,2022, Crane Company had a balance of $372,500 of goodwill on its balance...

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Accounting

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On January 1,2022, Crane Company had a balance of $372,500 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 2022, the company had the following additional transactions Jan. 2 Purchaseda patent (5-year life) $351,750. fuly 1. Acquired a 8-rear franehise; expiration date Mily 1.2,030,5547,200. Sept 1 Research and development costs $183,500. Make an entry as of December 31,2022 , recording any necessary amortization. (Round answers to 0 decimal places, es. 125. Credit account titles are automatically indented when the amount is entered. Do not indent mamually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts.)

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