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 Purchased patent (7-year life) $302,400 4/1/20 Purchase goodwill (indefinite life) 342,000 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 422,000 8/1/20 Payment of copyright (5-year life) 146,400 9/1/20 Research and development costs 212,000 $1,424,800 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. 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 Purchased patent (7-year life) $302,400 4/1/20 Purchase goodwill (indefinite life) 342,000 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 422,000 8/1/20 Payment of copyright (5-year life) 146,400 9/1/20 Research and development costs 212,000 $1,424,800 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles