During 2018, Cullumber Company purchased a building site for its proposed research and development laboratory at a cost of $41,000. Construction of the building was started in 2018. The building was completed on December 31, 2019, at a cost of $440,000 and was placed in service on January 2, 2020. 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 2020 appears below. Number of Projects 15 Salaries and Employee Benefits Other Expenses (excluding Building Depreciation Charges) $41,000 $82,000 Completed projects with long-term benefits Abandoned projects or projects that benefit the current period Projects in process-results indeterminate Total 10 16,000 13,000 5 58,000 35,000 $175.000 30 $70,000 Upon recommendation of the research and development group, Cullumber Company acquired a patent for manufacturing rights at a cost of $76,000. The patent was acquired on April 1, 2019, 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 2020. Research and Development Expenses Amortization of Patent Land Building-Net Patent-Net Cullumber Company Income Statement (Partiai) e Textbook and Media The company's balance sheet as of December 31, 2020. Cullumber Company Balance Sheet (Partial) For the Year Ended December 31, 2020 For the Month Ended December 31, 2020 December 31, 2020 Research and Development Expenses Amortization Expense Land Building-Net Patent-Net