Answer the questions asked about each of the factual situations. (Do not leave any answer field blank. Enter O for amounts.) (a) On January 1, 2022, Steele incurred organization costs of 275,000. What amount of organization expense should be reported in 2022, and in which financial statement? Amount to be reported (b) Steele bought a franchise from Laplante Ltd. on January 1, 2021, for 200,000. The carrying amount of the franchise on Laplante's books on January 1, 2021, was 250,000. The franchise agreement had an estimated useful life of 10 years. Because Steele must enter a competitive bidding at the end of 2030, it is unlikely that the franchise will be retained beyond 2027. What amount should be amortized for the year ended December 31, 2022? Amount to be amortized (c) Steele purchased a patent from Epp Group for 500,000 on January 1, 2020. The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, 2031. During 2022, Steele 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, 2022? Amount to be reported (d) Steele purchased the license for distribution of a popular consumer product on January 1, 2022, for 75,000. It is expected that this product will generate cash flows for an indefinite period of time. The license has an initial term of 5 years but by paying a nominal fee, Steele can renew the license indefinitely for successive 5-year terms. What amount should be amortized for the year ended December 31, 2022? Amount to be amortized