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, S10,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of S10,000 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 2017 of the 4 annual payments discounted at 9 the implicit rate or a loan of this type is 32.400. The agreement a so provides that 6% of the revenue rom the franchise rnust be paid to the franchisor annually. Bridgeports 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 refer 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 assocated with registration of the patent totaled $25,600. Bridgeport estimates that the useful life of the patent will be 8 years. 3. A tradernark was purchased from Shanghai Compaor 50,000 on July 1, 2014. Expenditures for successful litigation in defense of the traclemark 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 balance sheet at December 31, 2017. (Round all answers to 0 decimal places, e.g. 8,564.) BRIDGEPORT CORPORATION Intangible Assets ecember 31, 201 anchi 45,000.00 Tradema 56,000.00 2.400.0 otal Intangible Asset 133,400.00 Your answer is partially correct. Try again. Prepare a schedule showing all expenses resulting from the transactions that would appear on Bridgeport's income statement for the year ended December 31, 2017. (Round all answers to 0 decimal places, e.g. 8,564)