Information concerning Monty Corporations intangible assets is as follows.

1.		On January 1, 2020, Monty signed an agreement to operate as a franchisee of Hsian Copy Service, Inc. for an initial franchise fee of $55,000. Of this amount, $11,000 was paid when the agreement was signed, and the balance is payable in 4 annual payments of $11,000 each, beginning January 1, 2021. The agreement provides that the down payment is not refundable and no future services are required of the franchisor. The present value at January 1, 2020, of the 4 annual payments discounted at 15% (the implicit rate for a loan of this type) is $31,400. The agreement also provides that 6% of the revenue from the franchise must be paid to the franchisor annually. Montys revenue from the franchise for 2020 was $830,000. Monty estimates the useful life of the franchise to be 10 years. (Hint: You may want to refer to Chapter 18 to determine the proper accounting treatment for the franchise fee and payments.)
2.		Monty incurred $60,000 of experimental and development costs in its laboratory to develop a patent that was granted on January 2, 2020. Legal fees and other costs associated with registration of the patent totaled $20,000. Monty estimates that the useful life of the patent will be 8 years.
3.		A trademark was purchased from Shanghai Company for $48,000 on July 1, 2017. Expenditures for successful litigation in defense of the trademark totaling $11,900 were paid on July 1, 2020. Monty estimates that the useful life of the trademark will be 20 years from the date of acquisition.

Prepare a schedule showing all expenses resulting from the transactions that would appear on Montys income statement for the year ended December 31, 2020.

MONTY CORPORATION Expenses Resulting from Selected Intangible Assets Transactions choose the accounting period

December 31, 2020For the Year Ended December 31, 2020For the Month Ended December 31, 2020

select a balance sheet item

Research and Development CostsPatentPatent AmortizationTrademarkLegal FeesFranchiseFranchise FeeTrademark AmortizationTotal Intangible AssetsFranchise AmortizationInterest Expense

$enter a dollar amount

select a balance sheet item

TrademarkLegal FeesFranchise FeeResearch and Development CostsFranchise AmortizationPatent AmortizationInterest ExpenseFranchiseTrademark AmortizationTotal Intangible AssetsPatent

enter a dollar amount

select a balance sheet item

Patent AmortizationTrademark AmortizationLegal FeesTrademarkFranchise FeeFranchise AmortizationTotal Intangible AssetsInterest ExpenseFranchiseResearch and Development CostsPatent

enter a dollar amount

select a balance sheet item

TrademarkTrademark AmortizationLegal FeesTotal Intangible AssetsPatentFranchise AmortizationFranchise FeeInterest ExpenseFranchiseResearch and Development CostsPatent Amortization

enter a dollar amount

select a balance sheet item

Interest ExpenseFranchise AmortizationFranchise FeeTotal Intangible AssetsTrademarkFranchiseTrademark AmortizationResearch and Development CostsLegal FeesPatent AmortizationPatent

enter a dollar amount

select a closing section name

Franchise Amortization Franchise Research and Development Costs Total Intangible Assets Interest Expense Franchise Fee Patent Trademark Patent Amortization Legal Fees Trademark Amortization

$enter a total amount for this section