Crane Limited organized late in 2019 and set up a single account for all intangible assets. The following summary shows the entries in 2020 (all debits) that have been recorded in Intangible Assets since then:

Jan.2 :Purchased patent (8-year life) $330,000

Mar. 31:Costs to search for new ways to apply patent that was purchased on Jan.2 $21,000

Apr.1: Purchased goodwill (indefinite life). $303,000

July1: Purchased franchise with 10-year life; expiration date July 1 2030 $248,000 July1: Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr.1 $33,000

Aug.1: Payment for copyright (5-year life) $129,6001 Purchased trademark (3-year life) $14,4001 Purchased customer list (2-year life) $9,600

Sept.1 Research costs $236,000 total: $1,324,600

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 the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Make the entry as at December 31, 2020, for any necessary amortization so that all balances are accurate as at that date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Round answers to decimal places, eg 5,275.) Account Titles and Explanation Debit Credit eTextbook and Media List of Accounts Provide the asset amounts reported on the December 31, 2020 statement of financial position. (Round answers to decimal places, eg, 5.275) Patents Franchise Copyright Trademark Customer list Goodwill