Comprehensive Information concerning Vinson Corporation's intangible assets is as follows a. On January 1, 2016, Vinson signed an agreement to operate as a franchisee of Rapid Copy Service Inc. for an initial franchise fee of $65,000. Of this amount, $21,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $11,000 each beginning January 1, 2017. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 2, 2016, of the 4 annual payments discounted at 12% (the implicit rate for a loan of this type) is $33,400. The agreement also provides that 5% of the revenue from the franchise must be paid to the franchisor annually. Vinson's revenue from the franchise for 2016 was $950,000. Vinson estimates the useful life of the franchise to be 5 years b. Vinson incurred $67,000 of experimental and development costs in its laboratory to develop a patent, which was granted on January 2, 2016. Legal fees and other costs associated with registration of the patent totaled $15,120. Vinson estimates that the useful life of the patent will be 10 years c. A trademark was purchased from Walton Company for $47,000 on July 1, 2013. Expenditures for successful litigation in defense of the trademark totaling $7,900 were paid on July 1, 2016. Vinson estimates that the useful life of the trademark will be 20 years from the date of acquisition Required: 1. Prepare a schedule showing the intangible assets section of Vinson's balance sheet at December 31, 2016. Round final answers to the nearest dollar. Vinson Corporation Intangible Assets Section of Balance Sheet Patent, net (Schedule 2) Trademark, net (Schedule 3) Total intangible assets Schedule 1: Show supporting computations for the franchise. Computation of Franchise from Rapid Copy Service, Inc. Schedule 1 Cost of franchise at January 1, 2016 Amortization of franchise for 2016 Franchise balance, December 31, 2016 Schedule 2: Show supporting computations for the patent. Computation of Patent Schedule 2 Capitalized cost of patent at January 2, 2016 Amortization of patent for 2016 Patent balance, December 31, 2016 Schedule 3: Show supporting computations for the trademark. Round computations and final answers to the nearest dollar Computation of Trademark Schedule 3 Cost of trademark at July 1, 2013 Amortization through December 31, 2015 Amortization for period January 1- June 30, 2016 Cost of successful litigation in defense of trademark, July 1, 2016 Balance, July 1, 2016 Amortization for period July 1 December 31, 2016 Balance, December 31, 2016 2. Prepare a schedule showing all expenses resulting from the transactions that would appear on Vinson's income statement for the year ended December 31, 2016. Enter all amounts as positive numbers. Vinson Corporation Expenses Resulting from Intangible Assets Transactions For the Year Ended December 31, 2016 Franchise from Rapid Copy Service, Inc. Amortization of franchise (Schedule 1) Franchise fee on revenues from operations Imputed interest expense on unpaid balance of initial franchise fee Amortization of patent (Schedule 2) Amortization of trademark (from Schedule 3) Total expenses