Cullumber Ltd$.$ purchased several intangible assets, as follows:

The following information is also available:

In addition to the costs listed above, there were legal fees of $$14,300$ associated with the licence acquisitions. The licences are

valid in perpetuity, and sales of the products produced under the licences have been strong and are expected to continue at

the same level for many decades.

The customer lists are expected to be useful for the next six years.

The patent has a legal life of $20$ years, but technological changes are expected to render it worthless after about $8$ years.

The copyright is good for another $40$ years, but nearly all the related sales are expected to occur during the next $10$ years.

$($a$)$

Calculate the annual amortization expense, if any, that should be recorded for each of these intangible assets, assuming the

straight$-$line method is appropriate. $($Do not leave any answer field blank. Enter $0$ for amounts.$)$

Asset

Licences

Customer

lists

Patents

Copyrights

Annual amortization expense

$

$

$

$

$($b$).$

Show how the intangible assets section of the statement of financial position would be presented four years after acquisition of

these assets, assuming that there has been no evidence that their values have been impaired. Assume that a full year of

amortization was taken in the year of acquisition.

Intangible assets, at cost less accumulated amortization

Copyrights

Patents

Customer Lists

Licences

Total intangible assets

$