Sheridan Co, organized in 2024 , has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2025 and 2026 . 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, 2026, recording any necessary amortization. (Ignore income tax effects) (Credit occount tities are outomatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the occount titles and enter O for the amounts. List oll debit entries before credit entries) Account Titles and Explanation Franchives Prepuld Rent Retained Earnines Patents Research and Development Expense (To clear the latandble Assets) Recained Earnings Franchives (To record current amount for Franchises) Rent Expense Retained Eamings Prepald Rens Debit Credit 40000 26400 Calculate all balankes accurately as of December 31, 2026. (Iynore income tax etfexts)