Current Attempt in ProgressSheridan Co$.,$ organized in $2024,$ has set up a single account for all intangible assets. The following summary discloses the debit entries

that have been recorded during $2025$ and $2026.$

Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles.

Make the entries as of December $31,2026,$ recording any necessary amortization. $($lgnore income tax effects.$)($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

ofor the amounts. List all debit entries before credit entries.$)$

$($To clear the Intangible Assets$)$

$($To record current amount for Rents$)$

Cash

$($To record current amount for Patents$)$

Calculate all balances accurately as of December $31,2026.($Ignore income tax effects.$)$

Sheridan Co$.,$ organized in $2024,$ has set up a single account for all intangible assets. The following summary discloses the debit er

that have been recorded during $2025$ and $2026.$

Prepare the necessary entries to clear the Intangible Assets account and to set up separate accounts for distinct types of intangib

Make the entries as of December $31,2026,$ recording any necessary amortization. $($Ignore income tax effects.$)($Credit account title

automatically indented when amount is entered. Do not indent manually. If no entry is required, select $"$No Entry" for the account titles and

enter $0$ for the amounts. List all debit entries before credit entries.$)$

$($To clear the Intangible Assets$)$