Blossom Company, organized in 2016, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded duing 2017 TO TEXI 1/2/17 Purchased patent (7-year life) 4/1/17 Purchase goodwill (indefinite life) 7/1/17 Purchased franchise with 10-year life; expiration date 7/1/27 8/1/1 Payment of copyright (S-year life) //1 Reseorch and development costs 302,400 349,800 432,000 180,000 222,000 $1,486,200 Relect all balances accurately as of December 31, 2017 Use straight-line amortization Prepare the 'ieciteasry entry clear thet trilsngibin Astiets nausunt 4nd to set up :,parate accounts for distinct types of Intangibles. (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 O for the amounts.) Account Titles and Explanation Deblt Credit Research and development costs Goodwill Patents Make the entry as of December 31, 2017, recording any necessary amortization. (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 tities and enter O for the amounts.) Account Titdes and Explanation Debit Credit