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 $144,000 balance in this account at the end of 2021 is as follows: Date Transaction Amount February 3 $ 1 March March April June 7.000 6,000 20,000 40,000 15 30 15 State incorporation fees and legal costs related to organizing the corporation Fire insurance premium for three-year period 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 September 30 October 13 Various 3,000 12,000 40,000 16,000 $144,000 Required: Prepare the necessary journal entry to clear the intangible asset account and to set up accounts for separate intan- gible assets, other types of assets, and expenses indicated by the transactions