1. On January 1, 2017, Bridgeport signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $50,000. Of this amount, $10,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $10,000 each, beginning January 1, 2018. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 1 2017, of the 4 annual payments discounted at 9% the implicit rate for a loan of this type is $32.400. The agreement also prov des that 6% of the revenue from the franchise must be paid to the franchisor annual y Bridgeport's revenue from the franchise for 2017 was $840,000. Bridgeport estimates the useful life of the franchise to be 10 years. (Hint: You may want to reter to Chapter 18 to determine the proper accounting treatment for the franchise fee and payments.) 2. Bridgeport incurred $80,000 of experimental and development costs in its laboratory to develop a patent that was granted on January 2, 2017. Legal fees and other costs associated with registration of the patent totaled $25,600. Bridgeport estimates that the useful life of the patent will be 8 years. 3. A trademark was purchased from Shanghai Company for $50,000 on July 1, 2014. Expenditures for successful litigation in defense of the trademark totaling $25,500 were paid on July 1, 2017. Bridgeport estimates that the useful life of the trademark will be 20 years from the date of acquisition. Your answer is partially correct. Try again. Prepare a schedule showing the intangible assets section of Bridgeport's balanoe sheetDeember 31, 2017. (Round all answers to 0 decimal places, e.g. 8,564.) BRIDGEPORT CORPORATION Intangible Assets December 31. 201 ranchis 8160 Tradema 400 otal Intangible Asset 38160 Your answer is partialy coect. Try again. Prepare a schedule showing all expenses resulting from the transactions that would appear on Bridgeport's income statme o the year ended December 31, 2017. (Round all answers to 0 declmal places, eg. 8,564.) BRIDGEPORT CORPORATION Expenses Resulting from Selected Intangible Assets Transactions For the Year Ended December 31, 201 50400 Franchise F atent Amortization 3287 Trademark Amortizati 3200 ranchise Amortizati nterest 64043 otal Intangible Asset