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 $223,000 balance in this account at the end of 2021 is as follows: Date Transaction February 3 March 1 State incorporation fees and legal costs related to organizing the corporation Fire insurance premium for three-year period March 15 April 30. June 15 September 30 October 13 Various Purchased a copyright Research and development costs Legal fees for filing a patent on a new product resulting from an R&D project Legal fee for successful defense of patent developed above Entered into a 10-year franchise agreement with franchisor Advertising costs Total Amount $ 10,000 5,000 35,000 55,000 5,000 27,000 55,000 31,000 $223,000 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.) View transaction list Journal entry worksheet Journal entry worksheet 1 Record the entry to reclassify various expenditures incorrectly charged to the intangible asset account. Note: Enter debits before credits. Transaction 1 General Journal Debit Credit Record entry Clear entry View general journal