12.6 (LO 1, 2,5) Excel (Recording and Amortization of Intangibles) Marshall Company, organized in 2019, has set up a single account for all intangible assets. The following summary dis- closes the debit entries that have been recorded during 2020. 1/2/20 4/1/20 7/1/20 8/1/20 9/1/20 Purchased patent (8-year life) Purchase goodwill indefinite life) Purchased franchise with 10-year life; expiration date 7/1/30 Payment of copyright (5-year life) Research and development costs $ 350,000 360,000 450,000 156,000 215.000 $1,531,000 Instructions Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2020, recording any necessary amorti- zation and reflecting all balances accurately as of that date. (Use straight-line amortization.)