Wildhorse Company, organized in 2019, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2020. 1/2/20 Purchased patent (7-year life) $308,000 350,000 4/1/20 Purchase goodwill indefinite life) 7/1/20 Purchased franchise with 10-year life; expiration date 7/1/30 430,000 8/1/20 Payment of copyright (5-year life) 156,000 9/1/20 Research and development costs 220,000 $1,464,000 Your answer is correct. 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 amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Patents 308000 Goodwill 350000 Franchises 430000 Copyrights 156000 Research and Development Expense 220000 Intangible Assets 1464000 Your answer is correct. Make the entry as of December 31, 2020, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Amortization Expense 78500 Patents 44000 Franchises 21500 Copyrights 13000 Your answer is partially correct. Reflect all balances accurately as of December 31, 2020. Use straight-line amortization Patents $ 264000 Goodwill $ 350000 Franchises $ 408500 Copyrights $ 149500