P$12\mathrm{.}1($LO $1,2,3,5)$Groupwork$($Correct Intangible Assets Account$)$ Reichenbach Co$.,$ organ$-$ized in $2019,$ has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during $2020$ and $2021\mathrm{.}7/1/2010/1/2012/31/201/2/213/1/214/1/216/1/219/1/21$Intangible Assets$8-$year franchise; expiration date $6/30/28$Advance payment on laboratory space $(2-$year lease$)$Net loss for $2020$ including state incorporation fee, $$1,000,$ and related legal fees of organizing, $$5,000($all fees incurred in $2020)$Patent purchased $(10-$year life$)$Cost of developing a secret formula $($indefinite life$)$Goodwill purchased $($indefinite life$)$Legal fee for successful defense of patent purchased aboveResearch and development costs$ $48,00024,00016,00084,00075,000278,40012,650160,000$InstructionsPrepare 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 $31,2021,$ recording any necessary amortization and reflecting all balances accurately as of that date. $($Ignore income tax effects.$)$