Oriole Company has provided information on intangible assets as follows. Oriole incurred research and development costs in 2017 as follows. Materials and equipment Personnel Indirect costs $162,000 302,000 22,300 5486,30 Oriole estimates that these costs will be recouped by December 31, 2020. The materials and equipment purchased have no alternative uses . A patent was purchased from Ivanhoe Company for $750,000 on January 1, 201 in Ivanhoe's accounting records at a net book value of $1,970,000 when Ivanhoe sold it to Oriole. 16. Oriole estimated the remaining useful life of the patent to be 10 years. The patent was carried . During 2017, a franchise was purchased from Clinton Company for $356,000. In addition, 5% of revenue from the franchise must be paid to Clinton. Revenue from for 2017 was $1,160,000. Oriole estimates the useful life of the franchise to be 1 the franchise 0 years and takes a full year's amortization in the year of purchase. . On January 1, 2017, because of recent events in the field, Oriole estimates that the remaining life of the patent purchased on January 1, 2016, is only 5 vears from January 1 2017 (a) Your answer is partially correct. Try again. Prepare a schedule showing the intangibles section of Oriole's balance sheet at December 31, 2017. (Enter account name only and do not provide descriptive information.)