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 $163,500 balance in this account at the end of 2021 is as follows Date Transaction February 3 State incorporation fees and legal costs related to organizing the corporation March 1 Fire insurance premium for three year period March 15 Purchased a copyright April 30 Research and development costs June 15 Legal fees for filing patent on a new product resulting from an R&D project September 30 Legal fee for successful defense of patent developed above October 13 Entered into 10-year franchise agreement with franchisor Various Advertising costs Total Amount $ 8,500 7.500 23.000 43,000 4,5 15,000 43,000 19.000 $163,500 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 Record the entry to reclassify various expenditures incorrectly charged to the intangible asset account. Note: Enter debits before credits. Debit Credit General Journal Transaction