b. Prepare the journal entry to record organization costs for 2020.

Riverbed Corporation was organized in 2019 and began operations at the beginning of 2020. The company is involved in interior design consulting services. The following costs were incurred prior to the start of operations. Attorney's fees in connection with organization of the company $16,400 Purchase of drafting and design equipment 11,400 Costs of meetings of incorporators to discuss organizational activities 6,300 State filing fees to incorporate 1,200 $35,300 (a) Your answer is incorrect. Compute the total amount of organization costs incurred by Riverbed. Total organization costs $ Oriole Co., organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020 and 2021. Intangible Assets 7/1/20 8-year franchise; expiration date 6/30/28 $50,400 10/1/20 Advance payment on laboratory space (2-year lease) 28,200 12/31/20 Net loss for 2020 including state incorporation fee $2,000, 16,400 and related legal fees of organizing, $6,000 (all fees incurred in 2020) Patent purchased (10-year life) 1/2/21 80,400 3/1/21 Cost of developing a secret formula indefinite life) 79,000 4/1/21 Goodwill purchased (indefinite life) 276,200 6/1/21 Legal fee for successful defense of patent purchased above 13,340 9/1/21 Research and development costs 168,000 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, 2021, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit (To clear the Intangible Assets) (To record current amount for Franchises) (To record current amount for Rents) (To record current amount for Patents) Reflecting all balances accurately as of that date. (Ignore income tax effects.) V $ $ $ $ Goodwill Franchises Patents Prepaid Rent