In 2024, Bratten Fitness Company made the following cash purchases: 1. The exclusive right to manufacture and sell the Core workout equipment from Symmetry Corporation for $207,000. Symmetry created the unique design for the equipment. Braice so paid an additional $13,500 in legal and fliling fees to attorneys to complete the transaction. 2. An initial fee of $280,000 for a three-year agreement with Silver's Gym to use its name for a new facility in the local area. Silver's Gym has locations throughout the country. Bratten is required to pay an additional fee of $5,700 for each month it operates under the Silver's Gym name, with payments beginning in March 2024. Bratten also purchased $407,000 of exercise equipment to be placed in the new facility. 3. The exclusive right to sell Healthy Choice, a book authored by Kent Patterson, for $26,000. The book includes healthy recipes. recommendations for dietary supplements, and natural remedles. Bratten plans to disploy the book at the check-in counter at its new facility, as well as make it avallable online. Requlred: Prepare o summary journal entry to record expenditures related to Initial acqulsitions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. The Horstmeyer Corporation commenced operations early in 2024. A number of expenditures were made during 2024 that were debited to one account called intangible asset. A recap of the $157,000 balance in this account at the end of 2024 is as follows: Required: Prepare the necessary journal entry to clear the intangible asset account and to set up accounts for separate intanglble assets, other types of assets, and expenses indicated by the transactions. Note: If no entry is required for a transaction/event, select "No Journal entry required" in the flrst account fleid. Journal entry worksheet Record the entry to reciassify various expenditures incorrectly charged to the intangible asset account