Information for Flint Corporation's intangible assets follows:

On January $1,2023,$ Flint signed an agreement to operate as a franchisee of Copy Service Inc, for an initial franchise fee of

$$75,000.$ Of this amount, $$30,000$ was paid when the agreement was signed and the balance is payable in four annual

payments of $$11,250$ each, beginning January $1,2024.$ The agreement states that the down payment is not refundable and

no future services are required of the franchisor. The present value at January $1,2023,$ of the four annual payments

discounted at $8\%($the implicit rate for a loan of this type$)$ is $$37,261.$ The agreement also states that $4\%$ of the franchisee's

revenue must be paid to the franchisor each year. The franchisor requires that Flint provide it with some form of assurance

verifying the revenue amount used to determine the $4\%$ payment. Flint's revenue from the franchise for $2023$ was $$760,000.$

Flint estimates that the franchise's useful life will be $11$ years.

Flint incurred $$45,000$ in experimental costs in its laboratory to develop a patent, and the patent was granted on January $2,$

Legal fees and other costs of patent registration totalled $$13,400.$ Flint estimates that the useful life of the patent will

be $6$ years.

A trademarkwas purchased from Shanghai Company for $$28,300$ on July $1,2020.$ The legal costs to successfully defend the

trademark totalled $$8,160$ and were paid on July $1,2023.$ Flint estimates that the trademark's useful life will be $15$ years

from the acquisition date.

Assume that Flint reports using ASPE.

$($a$)$

Vour answer is partially correct.

Prepare a schedule showing the intangible assets section of Flint's statement of financial position at December $31,2023.($Round

answers to $O$ decimal places, e$.$g$.5,275.$ Enter account name only and do not provide descriptive information.$)$

Intanglble Assets$-$Patents

Intanglble Assets$-$Trademarks