Crane Company, organized 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.

1/2/20 Purchased patent (9-year life) $407,700

4/1/20 Purchase goodwill (indefinite life) 363,000

7/1/20 Purchased franchise with 10-year life; expiration date

7/1/30 443,000 8/1/20 Payment of copyright (5-year life) 171,600

9/1/20 Research and development costs 233,000 $1,618,300

Prepare the necessary entry to clear the Intangible Assets account and to set up separate accounts for distinct types of intangibles.