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Problem 12-1 Cullumber Co., organized in 2016, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2017 and 2018 Intangible Assets 8-year franchise; Advance payment on laboratory space (2-year lease) Net loss for 2017 including state incorporation fee, $1,500, $60,000 25,800 expiration date 6/30/25 10/1/17 12/31/17 and related legal fees of organizing, $5,500 (all fees incurred in 2017) 13,600 83,800 81,000 277,400 13,800 155,000 1/2/18 Patent purchased (10-year life) 3/1/18Cost of developing a secret formula (indefinite life) /18 Goodwill purchased (indefinite life) Legal fee for successful defense of patent purchased above Research and development costs 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, 2018, recording any necessary amortization. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Round a awers to 0 decimal places, e.g. 8,564. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)