Problem 12-1 Sheridan 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 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, $2,000, $72,000 25,800 13,600 84,800 83,000 272,200 12,765 164,000 and related legal fees of organizing, $6,000 (al fees incurred in 2017) 1/2/18 nt 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 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.)