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 $220,500 balance in this account at the end of 2021 is as follows:

The Horstmeyer Corporation commenced operations early in 2021. A number of expenditures were made during 2021 that were 8 debited to one account called intangible asset. A recap of the $220,500 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 $ 9,500 March 1 Fire insurance premium for three-year period 8,500 7.5 March 15 Purchased a copyright 34, 000 April 30 Research and development costs 54,090 points June 15 Legal fees for filing a patent on a new product resulting from an RED project 4,500 September 30 Legal fee for successful defense of patent developed above 26, 000 October 13 Entered into a 10-year franchise agreement with franchisor 54, 000 Various Advertising costs 30, 090 Total $220, 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.) View transaction list Journal entry worksheet Record the entry to reclassify various expenditures Incorrectly charged to the Intangible asset account. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal