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 $187000 balance in this account at the end of 2016 is as follows: Date Transaction Amount 6,500 State incorporation fees and legal costs related to organizing the corporation ped 3/1/16 Fire insurance premium for three-year period 3/15/16 Purchased a copyright 4/30/16 Research and development costs 6/15/16 Legal fees for filing a patent on a new product resulting from an 5,500 28,000 48,000 ook int 7000 R&D project ences 9/30/16 Legal fee for successful defense of patent developed above 20,000 48,000 24,000 13/16 Entered into a 10-year franchise agreement with franchisor Various Advertising costs Total $187000 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.) Journal entry worksheet Record the entry to reclassify various expenditures incorrectly charged to the intangible asset account. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal