Exercise 12-8 wildhorse Company has provided information on intangible assets as follows. A Patent was Purchased from Ford Company for 2,489,000 on January 1, 2016. wildhorse estimated the remaining useful life of the Patent to be 10 years. The Patent was carried in Ford's accounting records at net book value of $1,816.000 when Ford sold it to Wildhorse. During 2017, a franchise was purchased from Polo Company for $587,000. In addition, 4% of revenue from the franchise must be paid to polo. Revenue from the franchise for 2017 was $2,341,000 Wildhorse estimates the useful life of the franchise to bo 10 years and takes a full year's amortization in the year of purchase wildhorse incurred research and development costs in 2017 as follows Materials and equipment $147,700 185,700 102,200 $435,600 Indirect costs Wildhorsa eatimates that thesa costs will ba racouped by Dacamber 31, 2020. Tha materials and aquipment purchasad have no altamative uses On January 1, 2017, bacause of racent avents in the fiald, Wildhorse astimates that the ramaining life of the patant purchasad on January 1, 2016, is only 3 yaars from January 1, 2017. Prepare the intangibles section of Wildhores balance sheet at December 31, 2017.(Enter account name only and do not provide descriptive information. Section of Balance sheet Prepare the income statement effect (related to expensea) for the year ended December 31, 2017, aaresult of the facts above. (Enter account naie only and do not provide descriptive information WILDHORSE Income Statement Effect