Sunland Co. 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 and 2021 Intangible Assets 7/1/20 B-year franchise; expiration dato 6/30/28 $40.800 10/1/20 Advance payment on laboratory space 12-vear lease) 28.200 12/31/20 Net loss for 2020 including state Incorporation for $3,000, and related legal fees of organising 57000 (all fees incurred in 2020) 13,600 1/2/21 Patent purchased (10 year like Cost of developing a secret formula indefinite life) 82.000 Goodwill purchased indefinite life Legal fee for successful defense of patent purchased above 12.535 9/1/21 Research and development costs 169.000 14.200 3/1/21 4/1/21 278,000 6/1/21 Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. Make the entries of December 31, 2021.recording any recessary amortization (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account Hitles and enter for the amounts) Account Titles and Explanation Debit Credit Franchises 40800 Prepaid Rent 28200 Retained Earnings Patents 96735 | Research and Development Expense 251000 (To clear the Intangible Assets) Amortization Expense 5100 (To record current amount for Franchises) (To record current amount for Franchises) Rent Expense TI UTE (To record current amount for Rents) (To record current amount for Patents) Reflecting all balances accurately as of that date. (Ignore income tax effects.) $ $ $ $