1 Sheridan Limited organized late in 2019 and set up a single account for all intangible assets. The following summary shows the entries in 2020 (all debits) that have been recorded in Intangible Assets since then: Jan 2 Purchased patent (8-year life) $344 Mar. 31 Costs to search for new ways to apply patent that was purchased on Jan 2 21 Apr. Purchased goodwill indefinite life) 313 July 1 Purchased franchise with 10-year life; expiration date July 1, 2030 251 1 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1 33 1 Payment for copyright (5-year life) 134 1 Purchased trademark (3-year life) 1 Purchased customer list (2-year life) 238 Sept. 1 Research costs $1,357 Aug 14 8 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Credits are yhdested when the mountain Domino Account Nities and Explanation Debit Credit Intante Assets Patents 344 Goodwill 313 Intangible Assets Franchises 251 Research and Development Expense 259 Intangible Assets Copyrights 134 Advertising Expense 33 14 Intangible Assets-Trademarks 8 Intangible Assets Customer List 1356 Intangible Assets Make the entry as at December 31, 2020, for any necessary amortization so that all balances are accurate as at that date. (Cret accountities are automatically indented when the amount is entered. Do not indent manually Round answers to decimal placeses 5.275) Account Titles and Explanation Debit Credit Accumulated Amortization Patents 43 Accumulated Amortization - Franchises 12.55 Accumulated Amortization - Copyrights 11.17 Accumulated Amortization - Trademarks 1.95 Accumulated Amortization Customer Lists 1.67 70.34 Amortization Expense