P10-4 the horstmeyer corporation commenced operations early in 2021. a number of expenditures were made during 2021 that were debited to one account called intangible asset. a recap of the $144,000 balance in this account at the end of 2021 is as follows: date transaction amount february 3 state incorporation fees and legal costs related to organizing the corporation $ 7,000 march 1 fire insurance premium for three-year period 6,000 march 15 purchased a copyright 20,000 april 30 research and development costs 40,000 june 15 legal fees for filing a patent on a new product resulting from an r& d project 3,000 september 30 legal fee for successful defense of patent developed above 12,000 october 13 entered into a 10-year franchise agreement with franchisor 40,000 various advertising costs 16,000 total $144,000 required: prepare the necessary journal entry to clear the intangible asset account and to set up account