Carla Vista Company, organized in 2024, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2025. 1/2/25 Purchased patent (7-year life) 4/1/25 Purchase goodwill (indefinite life) 7/1/25 8/1/25 9/1/25 (a1) Purchased franchise with 10-year life; expiration date 7/1/35 Payment of copyright (5-year life) Research and development costs Account Titles and Explanation $314,300 Debit 359,000 439,000 166,800 229,000 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (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 O for the amounts. List all debit entries before credit entries.) $1,508,100 Credit

Carla Vista Company, organized in 2024 , has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2025. (a) Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (Credit occount tities are outomatically indented when amount is entered. Do not indent manuaily. 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) Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (Credit account titles are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account tities and enter O for the amounts. List all debit entries before credit entries.) List of Accounts Assistance Used Accounts Payable Accounts Receivable Advertising Expense Amortization Expense Bulidings Cash Computer Software Costs Coprrights Discount on Bonds Payable Equipment Franchises Goodwill Income Summary Intangible Assets Interest Expense Imventory Land Legal Fees Expense Loss on Impairment No Entry Notes Payable Organization Expense Paid-in Capital in Excess of Par - Common Stock Patents Patent Expense Prepaid Rent Recovery of Loss from Impairment Rent Expense Rent Recelvable Rent Revenue