Concord Corp., a public company incorporated on June 28, 2019, set up a single account for all of its intangible assets. The following summary discloses the debit entries that were recorded during 2019 and 2020 in that account: 1, 2019 July Oct. $46,000 33,000 1 Dec. 31 Feb. 15, 2020 INTANGIBLE ASSETS-CONCORD 8-year franchise; expiration date of June 30, 2027 Advance payment on office lease (2-year lease) Net loss for 2019 including incorporation fee, $1,000; related legal fees of organizing, $5,300; expenses of recruiting and training staff for start-up of new business, $4,000 Patent purchased (10-year life) Direct costs of acquiring a 5-year licensing agreement Goodwill purchased (indefinite life) Legal fee for successful defence of patent (see above) Costs of research department for year Royalties paid under licensing agreement (see above) Mar. 1 1 Apr. June 16,500 74,400 81,600 316,400 12,815 75,000 2,775 1 Dec. 31 31 The new business started up on July 2, 2019. No amortization was recorded for 2019 or 2020. The goodwill purchased on April 1, 2020, includes in-process development costs that meet the six development stage criteria, valued at $175,000. 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, 2020, 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 for the amounts. Round answers to O decimal places, e.g. 5,275.) Account Titles and Explanation Debit Credit Date Dec. 31, 2020 (To clear Intangible Assets account) Dec. 31, 2020 (To correct for amortization on franchises) Dec. 31, 2020 (To correct for rent payments) Dec. 31, 2020 (To record amortization expense on patents) Dec. 31, 2020 (To record amortization expense on licences) Dec. 31, 2020 (To record amortization expense on development cost)