Problem 12-1 Carla Vista 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 7/1/17 10/1/17 12/31/17 8-year franchise; expiration date 6/30/25 Advance payment on laboratory space (2-year lease) Net loss for 2017 including state incorporation fee, $1,000 $60,000 28,800 and related legal fees of organizing, $5,000 (all fees incurred in 2017) Patent purchased (10-year life) 16,600 81,000 88,000 271,200 11,615 153,000 1/2/18 3/1/18 Cost of developing a secret formula (indefinite life) 4/1/18 Goodwill purchased (indefinite life) 6/1/18 Lega fee for successful defense of patent purchased above 9/1/18 Research and development costs 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 (To clear the Intangible Assets)