Intangible Assets Determine the balance sheet amounts to be reported by Wisp Corporation at December 31, 2000, for each of the following:

a. A copyright is purchased for $60,000 on January 1, 2000, and is expected to benefit a 15-year period.

b. A trademark was acquired on January 1, 1996, for a total price of $36,000. The trademark will expire at December 31, 2004.

c. On January 1, 1999, Wisp paid $50,000 for an exclusive franchise to sell “slick stuff’ wax products in the state of Maine for the next 4 years.

d. Wisp purchased patents for a new production process.

The patents cost $130,000. They have a legal life of 20 years from the date of purchase, July 1, 1998, but are expected to provide benefits for only 10 years.