The Horstmeyer Corporation commenced operations early in 2024. A number of expenditures were made during 2024 that were debited to one account called intangible asset. A recap of the $207,500 balance in this account at the end of 2024 is as follows: Date Transaction Amount February 3 March 1 March 15 State incorporation fees and legal costs related to organizing the corporation Fire insurance premium for three-year period Purchased a copyright $ 8,500 7,500 32,000 April 30 Research and development costs 52,000 June 15 September 30 October 13 Various 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 3,500 24,000 52,000 28,000 Total $ 207,500 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. Note: 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 1 Record the entry to reclassify various expenditures incorrectly charged to the intangible asset account.