P12-1 (Correct Intangible Asset Account) Reichenbach Co. organized in 201

P12-1 (Correct Intangible Asset Account)

Reichenbach Co. organized in 2011 has set up a single account for all intangible assets. The following summary discloses the debit entries that have been
recorded during 2012 and 2013.

Intangible Assets

01-Jul-12

8-year franchise; expiration date 6/30/19

51840

01-Oct-12

Advance payment on laboratory space (2-year lease)

$26080

31-Dec-12

Net loss for 2011 including state incorporation fee

1960

and related legal fees of organizing $4620 (all fees

incurred in 2011)

16030

02-Jan-13

Patent purchased (10-year life)

84280

01-Mar-13

Cost of developing a secret formula (indefinite life)

79370

01-Apr-13

Goodwill purchased (indefinite life)

275060

01-Jun-13

Legal fee for successful defense of patent

22885

01-Sep-13

Research and development costs

153900

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 2013 recording any necessary amortization and reflecting all balances accurately as of that date. (Ignore income tax effects.) (List
multiple debit/credit entries from largest to smallest amount e.g. 10 5 2.)