312,000 Wildhorse Limited organized late in 2016 and set up a single account for all intangible assets. The following summary shows the entries in 2017 (all debits) that have been recorded in Intangible Assets since then: Jan. 2 Purchased patent (8-year life) $340,000 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) July. 1 Purchased franchise with 10-year life; expiration date July 1, 2027 255,000 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) 141,000 1 Purchased trademark (3-year life) 14,200 1 Purchased customer list (2-year life) 8,500 Sept. 1 Research costs 231,000 $1,355,700 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. titles and enter o for the amounts.) Account Titles and Explanation Debit Credit