Exercise 12-6 Cullumber Company, organized in 2016, has set up a single account for all intangible assets. The following summary oscloses the debt entries that have been recorded during 2017 1/2/17 Purchased patent (8-year fe) $398,400 4/1/17 Purchase goodwill indefinite life) 380,000 7/1/17 Purchased franchise with 10-year life; expiration date 7/1/27 444,000 8/1/17 Payment of copyright (5-year life) 132,000 9/1/17 Research and development costs 249,000 $1,603,400 Prepare the necessary entry to clear the Intangible Assets ac ount and to set up separate accounts of 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 accountries and enter for the amounts.) Account Titles and Explanation Credit Make the entry as of December 31, 2017, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. De not indent manually. If entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit