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Powerglide Company, organized in 2014, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2015. 1/2/15 4/1/15 7/1/15 8/1/15 9/1/15 Purchased patent (8-year life) Goodwill (indefinite life) Purchased franchise with 10-year life; expiration date 7/1/25 Payment of copyright (5-year life) Development costs to increase the value of the patent. (55,000 incurred after economic viability achieved) 380,000 360,000 450,000 156,000 215,000 1,561,000 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, 2015, recording any necessary amortization and reflecting all balances accurately as of that date. (Use straight-line amortization.) (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 0 for the amounts.) 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, 2015, recording any necessary amortization and reflecting all balances accurately as of that date. (Use straight-line amortization.) (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 0 for the amounts.) Account Titles and Explanation Debit Credit Patents 435000 Goodwill 360000 Franchise 450000 Copyrights 156000 Research and Developmen 160000 1561000 Intangible Assets (To clear the intangibles account.) Amortization Expense 85500 Patents 50000 Franchise 22500 13000 Copyrights (To record amortization.)