in $2023,$ crane corp. spent $$413,200$ on a research project, but by the end of $2023$ it was impossible to determine wheather any benefit would come from it$.$ Crane prepares financial statements in accordance withIFRS.

$($b$)$

The research project iscompleted in $2024,$ and a successful patent isobtained. The research phasecosts to complete the project

are $:$80,100.$ The administrative and legal expenses incurred in obtaining patent number $481-761-0092$ on January $3,2024,$ total

$$14,300.$ The patent has an expected useful life of five years. The company will now begin invectigating applications that useor

apply the knowledge obtained on this project. Record thesecosts in journal entry form. Also, record patent amortization for a full

vear in $2024.$ Fredit occount titles ore outometically indented when the omount is entered. Do not indent manually, If no entry is required,

Account Titles and Explanation

Debit

Credit

$($To record research phasecosts

assuming thecriteria are not

fulfilled for the development phase$)$

$($To record legal and administrative

costs incurred to obtain patent$)$

$($To record oneyear's amortization expense$)$