The Horstmeyer Corporation commenced operations early in 2016. A number of expenditures were made during 2016 that were debited to one account called intangible asset. A recap of the $239, 500 balance in this account at the end of 2016 is as follows: Required: Prepare the necessary journal entries 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.) Record the entry to reclassify various expenditures incorrectly charged to the intangible asset account