please fix parts in red

Pharoah Co., organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020 and 2021 $48,000 7/1/20 10/1/20 12/31/20 27,000 Intangible Assets 8-year franchise; expiration date 6/30/28 Advance payment on laboratory space (2-year lease) Net loss for 2020 including state incorporation fee, $1,000, and related legal fees of organizing, $5,000 (all fees incurred in 2020) Patent purchased (10-year life) 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 1/2/21 3/1/21 4/1/21 6/1/21 9/1/21 14,600 82,400 77,000 275,200 13,570 161,000 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, 2021, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Franchises T 48000 T Prepaid Rent 27000 TRetained Earnings 6000 Franchises 48000 Prepaid Rent 27000 Retained Earnings 6000 Retained Earnings 8600 Patents 90570) Research and Developmen 238000 Goodwill 418170 (To clear the Intangible Assets) TAmortization Expense 6000) Retained Earnings 3000 7 9000 Franchises (To record current amount for Franchises) Rent Expense 13500 Retained Earnings 3375) 16875 Prepaid Rent Tamortization Expense 8526 Patents 8526 (To record current amount for Patents) Reflecting all balances accurately as of that date. (Ignore income tax effects.) Goodwill 418170 Franchises 9000 Prepaid Rent 16875 8526 Patents