Oriole Company has provided information on intangible assets as follows. Oriole incurred research and development costs in 2017 as follows. Materials and equipment $155,000 Personnel 300,000 Indirect costs 23,200 $478,200 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 $890,000 on January 1, 2016. Oriole estimated the remaining useful life of the patent to be 10 years. The patent was carried in Ivanhoes accounting records at a net book value of $1,750,000 when Ivanhoe sold it to Oriole. During 2017, a franchise was purchased from Clinton Company for $369,000. In addition, 5% of revenue from the franchise must be paid to Clinton. Revenue from the franchise for 2017 was $1,340,000. Oriole estimates the useful life of the franchise to be 10 years and takes a full years 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 years from January 1, 2017.

(a) Prepare a schedule showing the intangibles section of Orioles balance sheet at December 31, 2017.

(B)Prepare the income statement effect (related to expenses) for the year ended December 31, 2017, as a result of the facts above. (Enter account name only and do not provide descriptive information.)

(a) Prepare a schedule showing the intangibles section of Oriole's balance sheet at December 31, 2017 information.) ORIOLE COMPANY Intangibles Section of Balance Sheet click if you would like to show Work for this question Open Show Work