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Problem 12-1 Wildhorse Co r 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 $52,800 7/1/17 8-year franchise; expiration date 6/30/25 24,000 10/1/17 Advance payment on laboratory space (2-year lease) 12/31/17 Net loss for 2017 including state incorporation fee, $1,500, and related legal fees of organizing, $5,500 (all fees incurred in 2017) 12,400 1/2/18 Patent purchased (10-year life) 83,800 3/1/18 Cost of developing a secret formula (indefinite life) 88,000 274,600 4/1/18 Goodwill purchased (indefinite life) 6/1/18 Legal fee for successful defense of patent purchased above 13,685 9/1/18 Research and development costs 173,000