The Horstmeyer Corporation commenced operations early in 2018. A number of expenditures were made during 2018 that were debited to one account called intangible asset. A recap of the $207,500 balance in this account at the end of 2018 is as follows:

Date	Transaction	Amount
2/3/18	State incorporation fees and legal costs related to organizing the corporation	$	8,500
3/1/18	Fire insurance premium for three-year period		7,500
3/15/18	Purchased a copyright		32,000
4/30/18	Research and development costs		52,000
6/15/18	Legal fees for filing a patent on a new product resulting from an R&D project		3,500
9/30/18	Legal fee for successful defense of patent developed above		24,000
10/13/18	Entered into a 10-year franchise agreement with franchisor		52,000
Various	Advertising costs		28,000
	Total	$	207,500

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.)