Cullumber Company has provided information on intangible assets as follows. port Apatent was purchased from Marin Company for $1,700,000 on January 1, 2019. Cullumber estimated the remaining useful life of the patent to be 10 years. The patent was carried in Marin's accounting records at a net book value of $1,700,000 when Marin sold it to Cullumber. During 2020, a franchise was purchased from Riverbed Company for $480,000. In addition, 5% of revenue from the franchise must be paid to Riverbed. Revenue from the franchise for 2020 was $2,500,000. Cullumber estimates the useful life of the franchise to be 10 years and takes a full year's amortization in the year of purchase. Cullumber incurred research and development costs in 2020 as follows. Materials and equipment $149,000 Personnel 183,000 Indirect costs 110,000 $112.000 Cullumber estimates that these costs will be recouped by December 31, 2023. The materials and equipment purchased have no alternative uses. On January 1, 2020, because of recent events in the field, Cullumber estimates that the remaining life of the patent purchased on January 1,2019, is only 5 years from January 1, 2020 Prepare the intangibles section of Cullumber's balance sheet at December 31, 2020. (Enter account name only and do not provide descriptive information) PM CULLUMBER COMPANY Intangibles Section of Balance Sheet December 31, 2020 Intangible Assets Patents Franchises Total Intangible Assets CULLUMBER COMPANY Income Statement Effect For the Year Ended December 31, 2020 Patent from Marin Company Amortization of patent Franchise from Riverbed Company : Amortization of franchise Payment to Riverbed Company Research and development costs $ Total charged against income