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Information concerning Blossom Corporation's intangible assets follows: Blossom incurred $77,000 of experimental and development costs in its laboratory to develop a patent which was granted on January 2, 2020. Legal fees associated with registration of the patent totaled $ 22,600. Blossom estimates that the useful life of the patent will be 10 years; the legal life of the patent is 20 years. 2. On January 1 2020, Blossom signed an agreement to operate as a franchisee of Dairy King, Inc. for an initial franchise fee of $ 192,000. The agreement provides that the fee is not refundable and no future services are required of the franchisor. Blossom estimates the useful life of the franchise to be 15 years. 3. A trade name was purchase from Stine Company for $ 79,200 on May 1, 2018. Expenditures for successful litigation in defense of the trade name totaling $ 19,080 were paid on June 1, 2020. Blossom estimates that the trade name will have an indefinite life. Prepare the intangible asset section of the Blossom's balance sheet at December 31, 2020, Blossom Corporation INTANGIBLE ASSETS December 31, 2020 Patent, net of accumulated amortization $ Franchise, net of accumulated amortization V Trade name 6:33 PM 10/17/2021 sit 62 58F Mostly cloudy E O prt sc delete home 1