The Horstmeyer Corporation commenced early in 2021. A number of expenditures were made during 2021 that were debited to one account called intangible asset. A recap of $157,000 balance in this account at the end of 2021 is as follows:

The Horstmeyer Corporation commenced operations early in 2021. A number of expenditures were made during 2021 that were debited to one account called intangible asset. A recap of the $157,000 balance in this account at the end of 2021 is as follows: Date Transaction February 3 State incorporation fees and legal costs related to organizing the corporation Fire insurance premium for three-year period March 1 March 15 April 301 June 15: September 30 October 13 Various Purchased a copyright. Research and development costs 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 Total View transaction list No 1 View journal entry worksheet 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. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Transaction General Journal Organization cost expense Prepaid insurance Copyright Research and development exponse Patent Franchise Advertising expense Debit 8,000 7,000 22,000 42,000 4,000 42,000 18,000 Amount $8,000 Credit 7,000 22,000 42,000 4,000 14,000 42,000 18,000 $157,000