(15). Presented below is selected information for Laith Company. (1). Laith purchased a patent from Usman Co. for $1,500,000 on January 1, 2017. The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, 2027. During 2019, Laith determined that the economic benefits of the patent would not last longer than 6 years from the date of acquisition. What amount should be reported in the statement of financial position for the patent, net of accumulated amortization, at December 31, 2019? (1.5 mark) (2). Laith bought a franchise from Dougherty Co. on January 1, 2018, for $350,000. The carrying amount of the franchise on Dougherty's books on January 1, 2018, was $500,000. The franchise agreement had an estimated useful life of 30 years. Because Laith must enter a competitive bidding at the end of 2027, it is unlikely that the franchise will be retained beyond 2027. What amount should be amortized for the year ended December 31, 2019? Instructions (1 mark) Answer the questions asked about each of the factual situations.