Carla Vista Co., organized in 2016, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2017 and 2018 (To record current amount for Rents) Intangible Assets 7/1/17 8-year franchise; expiration date 6/30/25 10/117 Advance payment on laboratory space (2-year lease) 12/3117 Net loss for 2017 incduling state incorporation fee, $3,000, S48,000 (To record current amount for Patents) 25,800 17,800 80,600 and related legal fees of organizing, $7,000 (all fees incurred in 2017) Reflecting all balances accurately as of that date. (Ignore income tax effects.) 12/18 Patent purchased (10-year life) 3/1/18 Costof developing a secret formula (indefinite life) 4/1/18Goodwill purchased (indefinite life) 6/1/18 Legl fee for successful defense of patent purchased above 9/1/18 Research and development costs 279,600 12,765 165,000 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, 2018, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round all answers to 0 decimal places, e.g. 8,564. Ino entry is required, select "No Enlry" Jor the account litles and enter 0for the amounts.) Option Patents, goodwill, prepaid rent, or franchises Account Titles and Explanation Debit Credit To clear the Intangible Assets) To record current amount for Franchises)