Accounting for Various Intangible Costs: Amortization, Change in Accounting Estimate Munn Inc. reported other noncurrent asset account balances on December 31, 2020, as follows. Patent $384.000 Accumulated amortization (48,000) Net patent $336,000 Transactions during 2021 and other information relating to Munn's other noncurrent assets include the following. 1. The patent was purchased from Grey Company on January 2, 2019, when the remaining legal life was 16 years. On January 1, 2021, Munn determined that the remaining useful life of the patent was only eight years from the date of its acquisition. 2. On January 1, 2021, in connection with the purchase of a trademark from Cody Corp., the parties entered into a noncompetition agreement. Munn paid Cody $1,600,000, of which 75% related to the trademark and 25% reflected Cody's agreement not to compete for a period of five years in the line of business covered by the trademark. Munn considers the life of the trademark to be indefinite. 3. On January 1, 2021, Munn acquired all the noncash assets and assumed all liabilities of Amboy Company at a cash purchase price of $2,400,000, Munn determined that the fair value of the identifiable net assets acquired in the transaction is $1,600,000. 4. Munn incurred the following research and development costs in 2021. Salaries and related expenses related to development of patents $250,000 Supplies 30,000 Allocated facility costs 40,000 Required a. Prepare a schedule of amortization for 2021 relating to Munn's intangible assets assuming straight line amortization. 2021 Amortization Expense Patent 0 Noncompete agreement 0 Total b. Prepare the balance sheet presentation of intangible assets for Munn on December 31, 2021, and the income statement presentation for the year ended December 31, 2021. Munn Inc. Balance Sheet December 31, 2021 Intangible assets Patent, net $ Trademark Noncompete agreement, net Goodwill 0 0 0 0 Munn Inc. Income Statement For the year ended December 31, 2021 Other expenses Amortization expense Research and development expense $ 0 0