Make the entry as at December 31, 2023, for any necessary amortization so that all balances are accurate as at that date.

Crane Limited organized late in 2022 and set up a single account for all intangible assets. The following summary shows the entries in 2023 (all debits) that have been recorded in Intangible Assets since then: Jan. 2 Purchased patent (8-year life) $341,000 Mar. 31 Costs to search for new ways to apply patent that was purchased on Jan. 2 21,000 Apr. 1 Purchased goodwill (indefinite life) 304,000 July 1 Purchased franchise with 10-year life; expiration date July 1, 2033 249,000 1 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1 33,000 Aug. 1 Payment for copyright (5-year life) 128,400 1 Purchased trademark (3-year life) 14,400 1 Purchased customer lists (2-year life) 8,400 Sept. 1 Research costs 230,000 $1,329,200