Martinez Corp., a public company incorporated on June 28, 2019, set up a single account for all of its intangible assets. The following summary discloses the debit entries that were recorded during 2019 and 2020 in that account: July Oct. Dec. 1, 2019 1 31 $46,000 35,000 15, 2020 Feb. Mar. Apr. June Dec INTANGIBLE ASSETS-MARTINEZ 8-year franchise; expiration date of June 30, 2027 Advance payment on office lease 12-year lease) Net loss for 2019 including incorporation fee, $1,000:related legal fees of organizing $5.300 expenses of recruiting and training staff for start-up of new business, $3.900 Patent purchased (10-year life) Direct costs of acquiring a 5-year licensing agreement Goodwill purchased (indefinite life) Legal fee for successful defence of patent (see above) Costs of research department for year Royalties paid under licensing agreement (see above) 1 1 1 16,600 80,400 78,600 299,400 12,815 75,000 2,775 31 31 The new business started up on July 2. 2019. No amortization was recorded for 2019 or 2020. The goodwill purchased on April 1. 2020, includes in-process development costs that meet the six development stage criteria, valued at $176,000. The company estimates that this amount will help it generate revenues over a 10-year period. (a) 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 at December 31, 2020, and record any necessary amortization so that all balances are appropriate as at that date. (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 for the amounts. Round answers to decimal places, eg. 5,275.) Debit Credit Date Account Titles and Explanation Dec. 31, 2020 (To clear intane ble Assets account) Dec. 31, 2020 (To correct for amortization an franchises) Dec 31, 2020 (Tacarreterent payments) Dec. 31 2020 (To record amortization expense on patents) Dec. 31 2020 (Ta reexardamartization expense on licences) Dec. 31, 2020 To record amortization expense an development Cent)