Current Attempt in Progress Sheridan Co., organized in 2019, has set up a single account for all intangible assets. The following summary disclose entries that have been recorded during 2020 and 2021. Intangible Assets 7/1/20 10/1/20 12/31/20 8-year franchise; expiration date 6/30/28 $72,000 Advance payment on laboratory space (2-year lease) 25,800 Net loss for 2020 including state incorporation fee, $2,000, 1/2/21 and related legal fees of organizing, $6,000 (all fees incurred in 2020) Patent purchased (10-year life) 13,600 84,800 3/1/21 Cost of developing a secret formula (indefinite life) 83,000 4/1/21 Goodwill purchased (indefinite life) 272,200 6/1/21 9/1/21 Legal fee for successful defense of patent purchased above Research and development costs 12,765 164,000 Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types intangibles. Make the entries as of December 31, 2021, recording any necessary amortization. (Credit account titles are indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and en amounts) Account Titles and Explanation Franchises Prepaid Rent Retained Earnings Debit Credit (To clear the Intangible Assets)