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 $226,500 balance in this account at the end of 2021 is as follows:

Date	Transaction	Amount
February 3	State incorporation fees and legal costs related to organizing the corporation	$	7,500
March 1	Fire insurance premium for three-year period		5,500
March 15	Purchased a copyright		36,000
April 30	Research and development costs		56,000
June 15	Legal fees for filing a patent on a new product resulting from an R&D project		5,500
September 30	Legal fee for successful defense of patent developed above		28,000
October 13	Entered into a 10-year franchise agreement with franchisor		56,000
Various	Advertising costs		32,000
	Total	$	226,500

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.