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P 10-4 Intangibles LO10-1, LO10-8 The Horstmeyer Corporation commenced operations early in 2016. A number of expenditures were made during 2016 that were debited to one account called intangible asset. A recap of the $144,000 balance in this account at the end of 2016 is as follows: Date Transaction Amount 2/3/16 3/1/16 3/15/16 4/30/16 6/15/16 9/30/16 10/13/16 Various State incorporation fees and legal costs related to organizing the corporation Fire insurance premium for three-year period Purchased a copyright Research and development costs Legal fees for filing a patent on a new product resulting from an R&D project Legal fee for successful defense of patent developed above Entered into a 10-year franchise agreement with franchisor Advertising costs Total $ 7,000 6,000 20,000 40,000 3,000 12,000 40,000 16,000 $144,000 Required: Prepare the necessary journal entry to clear the intangible asset account and to set up accounts for separate intan- gible assets, other types of assets, and expenses indicated by the transactions