i need help with blance sheet titele and income statment

Exercise 12-8

Ivanhoe Company has provided information on intangible assets as follows. A patent was purchased from Ford Company for $2,588,000 on January 1, 2016. Ivanhoe estimated the remaining useful life of the patent to be 10 years. The patent was carried in Fords accounting records at a net book value of $1,875,000 when Ford sold it to Ivanhoe. During 2017, a franchise was purchased from Polo Company for $596,000. In addition, 5% of revenue from the franchise must be paid to Polo. Revenue from the franchise for 2017 was $2,340,000. Ivanhoe estimates the useful life of the franchise to be 10 years and takes a full years amortization in the year of purchase. Ivanhoe incurred research and development costs in 2017 as follows.

Materials and equipment		$147,200
Personnel		191,700
Indirect costs		106,400
		$445,300

Ivanhoe estimates that these costs will be recouped by December 31, 2020. The materials and equipment purchased have no alternative uses. On January 1, 2017, because of recent events in the field, Ivanhoe estimates that the remaining life of the patent purchased on January 1, 2016, is only 5 years from January 1, 2017.

Prepare the intangibles section of Ivanhoe's balance sheet at December 31 2017. (Enter account name only and do not provide descriptive information.) IVANHOE COMPANY Intangibles Section of Balance Sheet December 31, 2017 Intangible Assets 1,863,360 Patents 536,400 Franchises 2,399,760 Total Intangible Assets