Intangibles: Balance Sheet Presentation and Income Statement iffects Ginson Company has prowded informaton on intangibse assets as follows: 1. A patent was purchaned from Lou Company for $1,305,000 on January 1, 2018, Elinson estirnated the remaining useful lee of the pateat to be 15 vears. The patent was carried in tou's accounting records at a net book valie of $1,035,000 when Lou sold e. to Binson 2. During 2019, a franchise was parchased from Rink Company for $460,000. In addition, 64 , of revenue from the franchise must be paid to Ponk. Revenue from the franchise for $2. 2019 was $7,500,000. tiinion estimates the useful life of the franchise to be 10 years and takes a fiall year's amertization in the vear of purchase. 3. Benson incurred RED chits in 2019 as follows: Bimon eitmates that these costs will be recouped by Diecember 31,2020 . 4. On lanuary 1, 2019, Rensan esturnates, based on new erents, that the remaining life of the patent purchased on lanuary 1,2018 , is only 10 years fram Aanusry 1,2019 . Dranara a orhadiula ehniwinn the intannihloe cortinn of Rinenn'c halance cheet at December 31, 2019. 2. Prepare a schedule showing the income statement effects for the year ended December 31,2019 , as a result of the previously mentioned facts. Binson Compary Income Statement Effects For the Year Ended December 31, 2019 Patent from Lou Company: Franchise from Rink Company: Total expenses