Problem 12-01 Crane 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. 7/1/20 10/1/20 12/31/20 $50,400 26,400 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, $2,500, and related legal fees of organizing, $6,500 (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 13,800 83,200 80,000 279,000 13,685 158,000 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 Patents 83200 Goodwill 279000 Franchises 50400 Copyrights Research and Developmen Prepaid Rent 26400 Intangible Assets (To clear the Intangible Assets) (To clear the Intangible Assets) (To record current amount for Franchises) (To record current amount for Rents) (To record current amount for Patents) Reflecting all balances accurately as of that date. (Ignore income tax effects.) Click if you would like to Show Work for this question: Open Show Work