(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.