During 2015, Carla Vista Company purchased a building site for its proposed research and development laboratory at a cost of $63,000 Construction of the building was started in 2015 The building was completed on December 31, 2016, at a cost of $440,000 and was placed in service on January 2, 2017 The estimated useful life of the building for depreciation purposes was 20 years The straight line method of depreciation was to be employed, and there was no estimated residual value Management estimates that about 50 of the projects of the research and development group will result in long term benefits (i e , at least 10 years) to the corporation The remaining projects either benefit the current period or are abandoned before completion A summary of the number of projects and the direct costs incurred in conjunction with the research and development activities for 2017 appears below Number of Projects Salaries and Employee Benefits Other Expenses (excluding Building Depreciation Charges) Completed projects with long term benefits 15 $82,000 $41,000 Abandoned projects or projects that benefit the current period 10 70,000 13,000 Projects in processresults indeterminate 5 36,000 10,000 Total 30 $188,000 $64,000 Upon the recommendation of the research and development group, Carla Vista Company acquired a patent for manufacturing rights at a cost of $64,000 The patent was acquired on April 1, 2016, and has an economic life of 10 years If generally accepted accounting principles were followed, how would the items above relating to research and development activities be reported on the following financial statements The company's income statement for 2017 (Do not round intermediate calculations and round final answer to O decimal places, e g 5,275 ) Carla Vista Company Income Statement (Partial) Research and Development Expenses Amortization of Patent 64000 LINK TO TEXT The company's balance sheet as of December 31, 2017 (Do not round intermediate calculations and round final answer to 0 decimal places, e g 5,275 ) Carla Vista Company Balance Sheet (Partial) December 31, 2017 Land 63000 Building Net Patent Net

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During 2015, Carla Vista Company purchased a building site for its proposed research and development laboratory at a cost of $63,000. Construction of the building

During 2015, Carla Vista Company purchased a building site for its proposed research and development laboratory at a cost of $63,000. Construction of the building was started in 2015. The building was completed on December 31, 2016, at a cost of $440,000 and was placed in service on January 2, 2017. The estimated useful life of the building for depreciation purposes was 20 years. The straight-line method of depreciation was to be employed, and there was no estimated residual value. Management estimates that about 50% of the projects of the research and development group will result in long-term benefits (i.e., at least 10 years) to the corporation. The remaining projects either benefit the current period or are abandoned before completion. A summary of the number of projects and the direct costs incurred in conjunction with the research and development activities for 2017 appears below.

	Number of Projects	Salaries and Employee Benefits	Other Expenses (excluding Building Depreciation Charges)
Completed projects with long-term benefits	15	$82,000	$41,000
Abandoned projects or projects that
benefit the current period	10	70,000	13,000
Projects in processresults indeterminate	5	36,000	10,000
Total	30	$188,000	$64,000

Upon the recommendation of the research and development group, Carla Vista Company acquired a patent for manufacturing rights at a cost of $64,000. The patent was acquired on April 1, 2016, and has an economic life of 10 years. If generally accepted accounting principles were followed, how would the items above relating to research and development activities be reported on the following financial statements?

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The company's income statement for 2017. (Do not round intermediate calculations and round final answer to O decimal places, e.g. 5,275.) Carla Vista Company Income Statement (Partial) Research and Development Expenses Amortization of Patent 64000 LINK TO TEXT The company's balance sheet as of December 31, 2017. (Do not round intermediate calculations and round final answer to 0 decimal places, e.g. 5,275.) Carla Vista Company Balance Sheet (Partial) December 31, 2017 Land 63000 Building-Net Patent-Net