Bridgeport Corp., a public company incorporated on June $28,2022,$ set up a single account for all of its intangible assets. The following summary discloses the debit entries that were recorded during $2022$ and $2023$ in that account:

Intangible Assets$-$Bridgeport

July $120228-$year franchise; expiration date of June $30,2030$ $$46,000$

Oct $1-$Advance payment on office lease $(2-$year lease$)$ $$34,000$

Dec $31-$ Net loss for $2022$ including incorporation fee, $$1,000$; related legal fees of organizing, $$5,200$; expenses of recruiting and training staff for start$-$up of new business, $$3,900$ $$16,700$

Feb $152023-$Patent purchased $(10-$year life$)$ $$80,400$

Mar $1-$Dire$480$ct costs of acquiring a $5-$year licensing agreement $$81,600$

Apr $1-$Goodwill purchased $($indefinite life$)$ $$284,400$

Jun $1-$Legal fee for successful defence of patent $($see above$)$ $$12,815$

Dec $31-$Costs of research department for year $$75,000$

Dec $31-$Royalties paid under licensing agreement $($see above$)$ $$2,775$

The new business started up on July $2,2022.$ No amortization was recorded for $2022$ or $2023.$ The goodwill purchased on April $1,2023,$ includes in$-$process development costs that meet the six development stage criteria, valued at $$174,000.$ The company estimates that this amount will help it generate revenues over a $10-$year period.

$($a$)$ 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 at December $31,2023,$ and record any necessary amortization so that all balances are appropriate as

at that date. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries. Round answers to O decimal places, e$.$g$.5,275.)$