I only need help with the red highlighted portions thank you

Sheridan Co., 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 and 2021. $40,800 26,400 Intangible Assets 7/1/20 8-year franchise; expiration date 6/30/28 10/1/20 Advance payment on laboratory space (2-year lease) 12/31/20 Net loss for 2020 including state incorporation fee, $2,500, and related legal fees of organizing, $6,500 (all fees incurred in 2020) 1/2/21 Patent purchased (10-year life) 3/1/21 Cost of developing a secret formula indefinite life) 4/1/21 Goodwill purchased (indefinite life) 6/1/21 Legal fee for successful defense of patent purchased above 9/1/21 Research and development costs 17,600 82,200 74,000 276,600 11,500 160,000 Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries as of December 31, 2021, recording any amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Franchises 40800 Prepaid Rent 26400 Retained Earnings 8600 Patents 93700 Research and Development Expense 234000 Goodwill 276600 689100 Intangible Assets (To clear the Intangible Assets) Amortization Expense 5100 Retained Earnings 2550 Franchises 7650 (To record current amount for Franchises) Rent Expense 13230 Retained Earnings 3300 Prepaid Rent 11650 (To record current amount for Rents) Amortization Expense 8920 Patents 8920 (To record current amount for Patents) Reflecting all balances accurately as of that date. (Ignore income tax effects.) Franchises 33150 Prepaid Rent 14750 Patents $ $ $ Goodwill