S The Horstmeyer Corporation commenced operations early in 2024. A number of expenditures were made during 2024 that were debited to one account called intangible asset. A recap of the $144,000 balance in this account at the end of 2024 is as follows: Date Transaction February 3 March 1 State incorporation fees and legal costs related to organizing the corporation. Fire insurance premium for three-year period. Amount $ 7,000 6,000 March 15 Purchased a copyright 20,000 April 30 June 15 Research and development costs. 40,000 September 30 October 13 Various Legal fees for filing a patent on a new product resulting from an R&D project Legal fee for successful defense of patent developed above Entered into a 10-year franchise agreement with franchisor Advertising costs 3,000 12,000 40,000 16,000 Total $ 144,000 Required: Prepare the necessary journal entry to clear the intangible asset account and to set up accounts for separate intangible assets, other types of assets, and expenses indicated by the transactions. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.