Jan Mar 1 Blossom Limited organized late in 2019 and set up a single account for all intangible assets. The following summary shows the entries in 2020 (all debits) that have been recorded in Intangible Assets since there 2 Purchased patent (8 year life) $325 31 Costs to search for new ways to apply patent that was purchased on Jan. 2 21 Apr Purchased goodwill indefinite life) 300 July Purchased franchise with 10-year life; expiration date July 1, 2030 1 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1 Payment for copyright (5-year life) Purchased trademark (3-year life) Purchased customer list (2.year life) Sept. Research costs 230 $1.311 1 245 Aug 1 1 133 14 $ 1 1 2 1 Blossom Limited organized tate in 2019 and set up a single account for all intangible assets. The following summary shows the entries in 2020 (all debits) that have been recorded in Intangible Assets since then Purchased patent (8 year life) $325,000 31 Costs to search for new ways to apply patent that was purchased on Jan.2 21,000 Purchased goodwill indefinite life) 300,000 Purchased franchise with 10-year life; expiration date July 1, 2030 245,000 Promotional costs to increase the future economic benefit of the goodwill that was purchased on Apr. 1 33,000 Payment for copyright(5-year life) 133,200 Purchased trademark (3-year life) 14.400 Purchased customer list 12-year life) 9,600 Research costs 230,000 $1.311.200 1 1 1 1 1 Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles. (Credit account titles are automatically indented when the amount is entered. Do not indent manually) Account Titles and Explanation Debit Credit Make the entry as at December 31, 2020, for any necessary amortization so that all balances are accurate as at that date. (Credit account titles are automatically indented when the amount is entered. Do not indent manually Round answers to decimal places, es 5,275) Account Titles and Explanation Debit Credit Provide the asset amounts reported on the December 31, 2020 statement of financial position. (Round answers to decimal places, es 5.275) Patents Franchise Copyright Trademark Customer list Goodwill