Sheridan Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020.

1/2/20		Purchased patent (8-year life)		$357,600
4/1/20		Purchase goodwill (indefinite life)		357,000
7/1/20		Purchased franchise with 10-year life; expiration date 7/1/30		437,000
8/1/20		Payment of copyright (5-year life)		164,400
9/1/20		Research and development costs		227,000
				$1,543,000

(a1)

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Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles.