heridan 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 (8-year life) $357,600

4/1/20 Purchase goodwill (indefinite life) 357,000

7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 437,000

8/1/20 Payment of copyright (5-year life) 164,400

9/1/20 Research and development costs 227,000 $1,543,000

Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit SHOW LIST OF ACCOUNTS LINK TO TEXT LINK TO TEXT LINK TO TEXT Make the entry as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically inden for the amounts.) Account Titles and Explanation Debit Credit Reflect all balances accurately as of December 31, 2020. Use straight-line amortization $ $ $ Click if you would like to Show Work for this question: Open Show Work List of Accounts Exercise 12-06 Accounts Payable Accounts Receivable Advertising Expense Amortization Expense Buildings Cash Computer Software Costs Copyrights Discount on Bonds Payable Equipment Franchises Goodwill Income Summary Intangible Assets Interest Expense Inventory Land Legal Fees Expense Loss on Impairment No Entry Notes Payable Organization Expense Paid-in Capital in Excess of Par - Common Stock Patents Patent Expense Prepaid Rent Recovery of Loss from Impairment Rent Expense Rent Receivable Rent Revenue Research and Development Expense Retained Earnings Trade Names Trademarks