Cullumber 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 Intangible Assets 8-year franchise; expiration date 6/30/25 $60,000 25,800 10/1/17 Advance payment on laboratory space (2-year lease) 12/31/17Net loss for 2017 including state incorporation fee, $1,500, and related legal fees of organizing, $5,500 (all fees incurred in 2017) Patent purchased (10-year life) Cost of developing a secret formula (indefinite life) Goodwill purchased (indefinite life) Legal fee for successful defense of patent purchased above Research and development costs 13,600 83,800 81,000 277,400 13,800 155,000 1/2/18 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. If no entry is required, select ""No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Franchises 60000 Prepaid Rent 25800 Retained Earnings 13600 Patents 97600 Account Titles and Explanation Debit Credit Franchises 60000 Prepaid Rent 25800 Retained Earnings 13600 Patents 97600 Research and Development Expense Goodwill 277,400 Intangible Assets (To clear the Intangible Assets) Amortization Expense Retained Earnings Franchises (To record current amount for Franchises) Rent Fxnense To clear the Intangible Assets) Amortization Expense Retained Earnings Franchises (To record current amount for Franchises) Rent Expense Retained Earnings Prepaid Rent To record current amount for Rents) Amortization Expense Patents To record current amount for Patents) Reflecting all balances accurately as of that date. (Ignore income tax effects.) (To record current amount for Rents) Amortization Expense Patents To record current amount for Patents) Reflecting all balances accurately as of that date. (Ignore income tax effects.) Franchises Patents Goodwill Pre Prepaid Rent Click if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS LINK TO TEXT