Cullumber Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 4/1/20 7/1/20 Purchased patent (8-year life) Purchase goodwill indefinite life) Purchased franchise with 10-year life; expiration date 7/1/30 Payment of copyright (5-year life) Research and development costs $354,400 353,000 433,000 159,600 223,000 $1,523,000 8/1/20 9/1/20 (a1) Your answer is correct. 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 for the amounts.) Account Titles and Explanation Debit Credit Patents 354400 Goodwill 353000 Franchises 433000 Research and Development Expense 223000 Intangible Assets 1523000 e Textbook and Media List of Accounts Attempts: 1 of 10 used (a2) Your answer is partially correct. Make the entry as of December 31, 2020, recording any necessary amortization. (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 for the amounts.) Account Titles and Explanation Debit Credit Patents 320000 Goodwill 353000 Franchises 411350 Copyrights 146300