Sarasota Corp., a public company incorporated on June 28, 2019, set up a single account for all of its intangible assets. The following summary discloses the debit entries that were recorded during 2019 and 2020 in that account:

INTANGIBLE ASSETS-SARASOTA
July	1,	2019		8-year franchise; expiration date of June 30, 2027		$42,000
Oct.	1			Advance payment on office lease (2-year lease)		28,000
Dec.	31			Net loss for 2019 including incorporation fee, $1,000; related legal fees of organizing, $5,400; expenses of recruiting and training staff for start-up of new business, $4,500		15,900
Feb.	15,	2020		Patent purchased (10-year life)		78,000
Mar.	1			Direct costs of acquiring a 5-year licensing agreement		77,400
Apr.	1			Goodwill purchased (indefinite life)		282,400
June	1			Legal fee for successful defence of patent (see above)		12,815
Dec.	31			Costs of research department for year		75,000
	31			Royalties paid under licensing agreement (see above)		2,775

The new business started up on July 2, 2019. No amortization was recorded for 2019 or 2020. The goodwill purchased on April 1, 2020, includes in-process development costs that meet the six development stage criteria, valued at $178,000. The company estimates that this amount will help it generate revenues over a 10-year period. (a) 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 at December 31, 2020, and record any necessary amortization so that all balances are appropriate as at that date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)

Date	Account Titles and Explanation	Debit	Credit
Dec. 31, 2020
	(To clear Intangible Assets account)
Dec. 31, 2020
	(To correct for amortization on franchises)
Dec. 31, 2020
	(To correct for rent payments)
Dec. 31, 2020
	(To record amortization expense on patents)
Dec. 31, 2020
	(To record amortization expense on licences)
Dec. 31, 2020
	(To record amortization expense on development cost)