PLEASE CONFIRM ALL MY FIGURES/ACCOUNT NAMES ARE CORRECT AND OR PROVIDE ALL FIGURES INCLUDING ONES HIGHLIGHTED THAT ARE STILL INCOMPLETE! THANK YOU!

Cullumber Co., organized in 2016, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2017 and 2018 Intangible Assets 8-year franchise; expiration date 6/30/25 $60,000 26,400 10/1/17 Advnce payment on laboratory space (2-year lease) 12/31/17Net loss for 2017 including state incorporation fee, $2,500 and related legal fees of organizing, $6,500 (all fees incurred in 2017) 1/2/18Patent purchased (10-year life) 3/1/18 Cost of developing a secret formula (indefinite life) Goodwill purchased (indefinite life) Legal fee for successful defense of patent purchased above Research and development costs 82,400 81,000 274,000 13,685 140,000 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, 2018, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round all answers to 0 decimal places, e.g. 8,564. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Account Titles and Explanation Debit Credit Franchises 60000 Prepaid Rent 26400 Retained Earnings Patents 96085 Research and Development Expense 221000 Goodwill 274000 Intangible Assets (To clear the Intangible Assets) Amortization Expense Retained Earnings 7500 3750 Franchises (To record current amount for Franchises) Rent Expense Retained Earnings 11250 13200 3300 Prepaid Rent (To record current amount for Rents) Amortization Expense 16500 9073 Patents 9073 (To record current amount for Patents) Reflecting all balances accurately as of that date. (Ignore income tax effects.) Franchises Prepaid Rent Patents $ Goodwill$