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 $201,000 balance in this account at the end of 2018 is as follows Amount $ 8,000 7,000 31,000 51,000 3,000 23,000 51,000 27,000 $201,000 Date Transaction 2/3/18 State incorporation fees and legal costs related to organizing the corporation 3/1/18 Fire insurance premium for three-year period 3/15/18 Purchased a copyright 4/30/18 Research and development costs 6/15/18 Legal fees for filing a patent on a new product resulting from an R&D project 9/30/18 Legal fee for successful defense of patent developed above 10/13/18 Entered into a 10-year franchise agreement with franchisor Various Advertising costs Total 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" inthe first account field.)