Flounder Inc. purchased an Internet domain name by issuing a $240,000, 5-year, non-interest-bearing note to Ti-Mine Corp. with an effective yield of 10%. The note is repayable in 5 annual payments of $48,000 each. Click here to view the factor table PRESENT VALUE OF 1. Click here to view the factor table PRESENT VALUE OF AN ANNUITY OF 1. Prepare the journal entry to record the purchase of the intangible asset. (Round factor values to 5 decimal places, e.g. 1.25124 and final answer to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts.) Crane Limited organized late in 2016 and set up a single account for all intangible assets. The following summary shows the entries in 2017 (all debits) that have been recorded in Intangible Assets since then: Jan. 2 Purchased patent (8-year life) $341,000 Mar. 31 Costs to search for new ways to apply patent that was purchased on Jan. 2 21,000 Apr. 1 Purchased goodwill (indefinite life) 304,000 July 1 Purchased franchise with 10-year life; expiration date July 1, 2027 249,000 1 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1 33,000 Aug. 1 Payment for copyright (5-year life) 128,000 1 Purchased trademark (3-year life) 15,400 1 Purchased customer list (2-year life) 9,800 230,000 Sept. 1 Research costs $1,331,200 (a) 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 the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.)