The Horstmeyer Corporation commenced operations early in 2021. A number of expenditures were made during 2021 that were debited to one account calledintangibleasset. A recap of the $157,000 balance in this account at the end of 2021 is as follows:

DateTransactionAmountFebruary 3State incorporation fees and legal costs related to organizing the corporation$8,000March 1Fire insurance premium for three-year period7,000March 15Purchased a copyright22,000April 30Research and development costs42,000June 15Legal fees for filing a patent on a new product resulting from an R&D project4,000September 30Legal fee for successful defense of patent developed above14,000October 13Entered into a 10-year franchise agreement with franchisor42,000VariousAdvertising costs18,000Total$157,000

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.)